Moody’s reviews NCI Building, Ply Gem

Moody's Investors Service said it placed all of the ratings of NCI Building Systems, Inc., whose corporate family rating is Ba3, on review for downgrade.

The agency said the action follows the company's announcement that it is merging with Ply Gem Parent, LLC (Pisces Midco, Inc., B2).

At the same time, Moody's also placed all of the ratings of Pisces Midco on review for upgrade.

The agency said the review will focus on the combined companies' ability to quickly delever what will become a heavily-indebted balance sheet and to handle the integration risks of what will in effect be the combination of three companies into one, since Ply Gem itself combined with Atrium Windows & Doors only a few months ago.

Other considerations include the relatively new management of NCI, since 2017, which will become the management of the combined companies, and the ability to achieve the synergies promised, Moody’s added.

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