Strong relationships with networks and sporting franchises; Long-term contracts; High barriers to entry; and High customer concentration. Leverage in the mid-5x area; Annual capital expenditures of more than 15% of revenue; Acquisition growth strategy; and Private equity ownership. The stable outlook reflects Standard&Poor's Ratings Services' expectation that NEP/NCP Holdco Inc. will generate 2% to 3% organic revenue growth, with at least 10% EBITDA headroom against the first-lien leverage ratio, and adjusted leverage in the mid-5x area at year-end 2014. We view the likelihood of an upgrade or downgrade as equally likely. We could raise the rating if NEP continues to grow revenue and EBITDA, generates more substantial and sustainable discretionary cash flow, maintains an appropriate cushion of compliance
