We study the generic NMSSM with the coupling λSH 1 H 2 at the limit of perturbativity, λ ≈ 0.7 ÷ 0.8, and a moderate stop mass, mt 300 GeV. Respecting the LEP2 bounds and insisting on naturalness, we delimit the allowed region of parameter space and we study the spectrum and phenomenology of the relatively light new particles.