As usual, we have a week’s worth of ratings actions on the debt of LBO-backed companies from ratings agencies Standard & Poor’s Investors Ratings Services and Moody’s Investor Service. This week we’ve got two bankruptcies and even more distressed debt exchanges.

Company: NCI Building Systems
Sponsor: Clayton, Dubilier & Rice
Action: S&P raised its corporate credit rating on Houston-based metal building components manufacturer NCI Building Systems Inc. to ‘B+’ from ‘SD’ (selective default) and affirmed its ‘B+’ issue-level rating on the company’s $150 million senior secured term loan.
Highlight: “The upgrade follows the conclusion of our review of the company’s new capital structure upon completion of its recapitalization,” said Standard & Poor’s credit analyst Thomas Nadramia.

As usual, we have a week’s worth of ratings actions on the debt of sponsor-backed companies via Standard & Poor’s Investors Service and Moody’s Investor Services.

Last week was Carlyle Week, with three of the firm’s companies receiving downgrades on their debt ratings. This week it’s Castle Harlan week. Two of the firm’s companies caught the attention of the ratings agencies this week, receiving one downgrade and one upgrade. We’ll call it a break-even.

Perkins & Marie Callender’s, the company’s struggling restaurant business, saw the ratings on its speculative grade debt downgraded on concerns over the company’s cash flow and borrowing ability. Conversely, Ames True Temper climbed its’s way out of the C’s when S&P upgraded its corporate credit rating to B- on its stable operating performance through the recession.

The timing is perfect, considering Castle Harlan’s John Castle recently addressed the New York Chamber of Commerce about “Private equity after the world’s economic meltdown.” We’ve published the full text of his speech here.