S&P downgrades IPC

Standard & Poor's said it lowered IPC Systems Inc.'s corporate credit rating to B- from B, its $910 million first-lien senior secured bank facilities to B- from B+ and $315 million second-lien senior secured term loan to CCC from CCC+.

The downgrade of the first-lien debt reflects the lower corporate credit rating as well as a revision in the recovery rating to 3 from2. The 6 recovery rating on the second-lien debt is unchanged.

The outlook is stable.

"IPC Systems services the financial services industry, and turbulence in that sector has materially weakened the company's recent operating results, leading to a significant increase in debt leverage," S&P analyst Richard Siderman said in a statement.

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