...NEP/NCP Holdco, Inc.'s (NEP, B3 stable) credit profile reflects the company's highly levered capital structure and highly capital-intensive business model that restrains free cash flow. The company has a moderately aggressive acquisition strategy which may prevent sustained deleveraging. We expect Moody's adjusted Debt/EBITDA to be high, in the 6x - 6.5x range over the next 12-18 months, despite earnings growth. The capital intensity of NEP's business combined with significant interest expense leaves it with limited, and historically negative, free cash flows and weak interest coverage. Given the sponsor ownership, the potential for future leveraging events are high, and this further constrains the rating. Nevertheless, NEP's ratings are supported by its strong global position in the niche video production industry and a diversified blue-chip customer base with long-standing relationships and low customer concentration. NEP's fleet of mobile broadcast trucks and engineering expertise provide...