Fitch gives NEP B-, ups first-lien loans

Fitch Ratings said it assigned a B- long-term issuer default rating to NEP Group Holdings, Inc. with a stable outlook and upgraded first-lien issue ratings to B+/RR2 from B/RR3. The agency also affirmed the B- IDRs of the group members and the second-lien issue ratings at CCC/RR6. Fitch concurrently revised the outlooks of the group members to stable from positive.

“The outlook revision to stable reflects Fitch's view that NEP's business model could result in higher than anticipated capex needs, which could create potential liquidity shortfalls and impact NEP's ability to refinance upcoming maturities. However, Fitch believes NEP has sufficient liquidity to cover an expected FCF shortfall in FY 2023, including availability under its revolving and capital lease financing facilities and committed unused equity capacity. Fitch also expects FCF to be roughly flat in 2024 due to lower-than-expected capex requirements,” the agency said in a press release.

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