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.