U.S. entertainment production equipment and services provider NEP/NCP Holdco Inc. plans to put in place new senior secured first- and second-lien facilities to refinance the loan that initially helped fund Crestview Partners' December 2012 leveraged acquisition of NEP Broadcasting LLC. We are assigning the company our 'B' corporate credit rating and the company's first-lien credit facilities our 'B' issue-level rating (with a '3' recovery rating). We are also assigning the new second-lien term loan our 'CCC+' issue-level rating, with a recovery rating of '6'. We also withdrew our 'B' corporate credit ratings on ASP NEP/NCP Holdco Inc. and its operating subsidiary NEP II Inc. The stable rating outlook reflects our expectation that leverage will remain high, but that liquidity will
