S&P affirms IPC Systems

Standard & Poor's said it affirmed its B+ corporate credit rating and negative outlook on IPC Systems Inc.

At the same time, S&P said it affirmed its B+ bank loan rating and 2 recovery rating on IPC Systems' $512 million first-lien bank facility, including the currently proposed $45 million add-on term loan and its B- bank loan rating and 5 recovery rating on the $170 million second-lien senior secured term loan.

Proceeds from the proposed $45 million add-on first-lien term loan, along with a small revolver borrowing and a $15 million equity contribution, will be used to fund the acquisition of Positron Public Safety Systems Inc., the agency said.

S&P added that the ratings on IPC reflect a concentrated product base and end market, along with an aggressive financial policy while these are only partly offset by a leading global market position in its addressed niche and our expectations for financial profile improvements over the intermediate term.

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