Fitch revises NEP outlook to positive

Fitch Ratings said it affirmed the issuer default ratings and issue level ratings of NEP Group, Inc. and its related entities and revised the outlook to positive from negative.

“The positive outlook reflects Fitch's expectation for gross leverage to decline rapidly from pandemic highs, and approach 6x by the end of 2022, driven by EBITDA growth. The positive outlook also reflects Fitch's expectations for neutral to slightly positive free cash flow generation beginning in 2022, as expanding revenue and profitability result in sufficient cash flow to fund capex spend,” the agency said in a press release.

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