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S&P downgrades IPS
Standard & Poor's said it lowered the corporate credit rating on IPS Corp. to B- from B, along with the its senior secured bank facilities to B+ from BB-.
The recovery rating remains 1, indicating 90% to 100% expected recovery in a default.
The agency also said it lowered the ratings on the company's senior subordinated notes to CCC+ from B-.
The recovery rating remains 5, indicating 10% to 30% expected recovery in a default.
The outlook is negative.
The ratings were removed from CreditWatch, where they were placed with negative implications in December 2011.
The downgrade reflects a view that IPS remains highly leveraged with significant maturities within the next few years, S&P said.
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