We now expect U.S.-based entertainment production equipment and services provider NEP/NCP Holdco Inc.'s margin of compliance to remain above 15% and its adjusted leverage to decline to the low-5x area in 2017. We are revising our rating outlook on NEP to stable from negative and affirming our ratings on the company, including the 'B' corporate credit rating. The stable outlook reflects our expectation that NEP will have adequate liquidity, including covenant cushion above 15% and sufficient free operating cash flow to cover its mandatory amortization payments, and its adjusted leverage will decline to the low-5x area in 2017. On Feb. 17, 2017, S&P Global Ratings revised its rating outlook on Pittsburg, Pa.-based NEP/NCP Holdco Inc. to stable from negative. At
