- Language: English
- 774 Pages
- Published: October 2012
- Region: Global
Research Update: IPS Corp. Ratings Placed On CreditWatch Negative Due To Reduced Profitability Dec 11
- Published: December 2011
- Standard & Poors
U.S. producer of specialty adhesives and plumbing products IPS Corp.'s profitability is lower than we had previously anticipated due to the weak operating environment, leading to weaker-than-expected credit metrics. Further deterioration in EBITDA could cause covenant headroom to decline to below 15%, which could lead us to reconsider our "adequate" liquidity assessment. We have placed our ratings on IPS, including its 'B' corporate credit rating, on CreditWatch with negative implications to reflect potential liquidity constraints. On Dec. 19, 2011, Standard & Poor's Ratings Services placed its ratings on Compton, Calif.-based IPS Corp., including its 'B' corporate credit rating, on CreditWatch with negative implications. The CreditWatch negative means the rating could be affirmed or lowered following the completion of our review....
Companies mentioned in this report are: IPS Corp.
Action: On CreditWatch:Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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