Moody’s downgrades IPS

Moody's Investors Service said it downgraded the senior secured first-lien bank credit facility of IPS Corp. (CP Iris Holdco II, Inc.) to B2 from B1 and senior secured second-lien bank credit facility rating to Caa2 from Caa1. The agency also lowered the corporate family rating to B3 from B2 and the probability of default rating to B3-PD from B2-PD.

"The downgrade reflects the company's elevated leverage, which has been above Moody's expectations since the initial LBO by Centerbridge Partners in 2021," said Nirali Patel, a Moody’s analyst, in a statement.

"Credit metrics are pressured with Moody's-adjusted leverage expected to remain above 7x through 2024," Patel noted.

The outlook remains stable.

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