Research Update: NEP/NCP Holdco Inc. Rating Lowered To 'B-' On Severe Operating Challenges, Remain On CreditWatch Negative - S&P Global Ratings’ Credit Research

Research Update: NEP/NCP Holdco Inc. Rating Lowered To 'B-' On Severe Operating Challenges, Remain On CreditWatch Negative

Research Update: NEP/NCP Holdco Inc. Rating Lowered To 'B-' On Severe Operating Challenges, Remain On CreditWatch Negative - S&P Global Ratings’ Credit Research
Research Update: NEP/NCP Holdco Inc. Rating Lowered To 'B-' On Severe Operating Challenges, Remain On CreditWatch Negative
Published Mar 23, 2020
4 pages (1896 words) — Published Mar 23, 2020
Price US$ 225.00  |  Buy this Report Now

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Abstract:

NEP/NCP Holdco Inc. continues to face severe operating challenges from COVID-19-related event disruptions. The recent spate of delays and cancellations spans both live and broadcast events, and will hurt all segments of the business. We expect NEP's adjusted leverage to remain elevated and the company to face covenant compliance issues within the next two quarters without an amendment. We are lowering our issuer credit rating to 'B-' from 'B' and placing it on CreditWatch negative. We are also lowering our issue-level rating on the first-lien term loan facility to 'B' from 'B+' and the second-lien term loan to 'CCC' from 'CCC+'. The '2' and '6' recovery ratings for the first- and second-lien facilities, respectively, remain unchanged. The CreditWatch placement reflects

  
Brief Excerpt:

...Research Update: NEP/NCP Holdco Inc. Rating Lowered To 'B-' On Severe Operating Challenges, Remain On CreditWatch Negative...

  
Report Type:

Research Update

Issuer
NEP/NCP Holdco Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: NEP/NCP Holdco Inc. Rating Lowered To 'B-' On Severe Operating Challenges, Remain On CreditWatch Negative" Mar 23, 2020. Alacra Store. May 21, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-NEP-NCP-Holdco-Inc-Rating-Lowered-To-B-On-Severe-Operating-Challenges-Remain-On-CreditWatch-Negative-2400711>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: NEP/NCP Holdco Inc. Rating Lowered To 'B-' On Severe Operating Challenges, Remain On CreditWatch Negative Mar 23, 2020. New York, NY: Alacra Store. Retrieved May 21, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-NEP-NCP-Holdco-Inc-Rating-Lowered-To-B-On-Severe-Operating-Challenges-Remain-On-CreditWatch-Negative-2400711>
  
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