The representation of Neg-Raising in the grammar is a matter of controversy. I provide evidence for representing Neg-Raising as a kind of presupposition associated with certain predicates by providing a detailed analysis of NPI-licensing in Neg-Raising contexts. Specific features of presupposition projection are used to explain the licensing of strict NPIs under Neg-Raising predicates. Discussion centers around the analysis of a licensing asymmetry noted in Horn (1971, Negative transportation: Unsafe at any speed? In CLS 7 (pp. 120–133)).Having provided this analysis, I go on to discuss its implications for the theory of NPI-licensing more generally. In particular, I discuss how the present proposal reflects on von Fintel’s (1999, Journal of Semantics, 16, 97–148) proposal to use Strawson downward entailment in the statement of NPI-licensing principles.