Largest global provider of outsourced production services for sporting events and entertainment in terms of scale and geographic reach. Established, long-standing relationships with blue-chip clients and a stable contracted revenue profile providing good visibility. Material client concentration risk, albeit spread across multiple contracts. Limited revenue diversification with the broadcast services segment making up the majority of revenues. Elevated adjusted leverage profile, expected to remain above 5x over the next 12 months. Limited discretionary cash flow generation due to elevated capital expenditure (capex) requirements for new contracts. Private equity ownership structure indicates the possibility of aggressive financial policies. The stable outlook reflects S&P Global Ratings' expectation that NEP/NCP Holdco Inc. will maintain adequate liquidity, including keeping covenant cushions above 15% over
