The company's strong relationships with networks and sporting franchises Its long-term contracts The high barriers to entry due to capital and technical expertise requirements The company's high customer concentration The company's elevated adjusted leverage in the high-5x area Its annual capital expenditures of more than 15% of revenue Its private equity ownership, with an aggressive financial policy The stable rating outlook on NEP/NCP Holdco Inc. reflects Standard&Poor's Ratings Services' expectation that the company will maintain "adequate" liquidity over the next year, with an at least 10% EBITDA headroom against the first-lien leverage ratio and adjusted leverage in the high-5x area. We could consider lowering the rating if the company's adjusted EBITDA margins decline below 30%, causing leverage to
