Fitch downgrades NEP

Fitch Ratings said it downgraded the long-term issuer default rating of NEP Group, Inc. and its subsidiaries, NEP/NCP Holdco, Inc. and NEP Europe Finco BV to B from B+.

The agency also downgraded the first-lien credit facilities to BB-/RR2 from BB+/RR1 and the second-lien facility to CCC+/RR6 from B-/RR6.

The outlook is stable.

Fitch said the action reflects the structurally higher leverage following NEP's pending recapitalization, with expected new net proceeds to be used to fund Carlyle Global Partners' purchase of Crestview Partners' remaining interest in NEP.

“The recapitalization will elevate pro forma total leverage beyond the level expected for the B+ IDR,” the agency said in a news release.

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