S&P boosts NCI Building

Standard & Poor's said it raised the corporate credit rating on NCI Building Systems Inc. to B+ from SD and affirmed the B+ rating on its $150 million senior secured term loan with 3 recovery rating.

The outlook is stable.

"The upgrade follows the conclusion of our review of the company's new capital structure upon completion of its recapitalization," S&P analyst Thomas Nadramia said in a statement.

The restructuring included the settlement of its debt tender offer for its convertible notes, which was viewed as tantamount to default given the company's distressed financial condition.

NCI's adjusted debt-to-EBITDA ratio is about 4x.

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