Navios Maritime Partners Outlook Revised To Negative On Weak Charter Rate Prospects; Ratings Affirmed

Navios Maritime Partners faces historically low drybulk charter rates that we think will not improve in the next 12 months, and we see a one-in-three likelihood that they will underperform against our base case. We understand that charter rates in some of Navios Partners' agreements are higher than the current market rates, which make these agreements susceptible to renegotiations or defaults. We are revising our outlook on Navios Partners to negative from stable and affirming our 'BB' rating on the company. The negative outlook reflects our view that possibly weaker-than-expected charter rates will make it difficult for Navios Partners to maintain its credit profile, given the currently limited headroom within our assessment of the company's financial risk profile as significant.

...+ Navios Maritime Partners faces historically low drybulk charter rates that we think will not improve in the next 12 months, and we see a one-in-three likelihood that they will underperform against our base case. + We understand that charter rates in some of Navios Partners' agreements are higher than the current market rates, which make these agreements susceptible to renegotiations or defaults. + We are revising our outlook on Navios Partners to negative from stable and affirming our '##' rating on the company. + The negative outlook reflects our view that possibly weaker-than-expected charter rates will make it difficult for Navios Partners to maintain its credit profile, given the currently limited headroom within our assessment of the company's financial risk profile as significant. LONDON (Standard & Poor's) Nov. 30, 2015--Standard & Poor's Ratings Services today revised its outlook on Marshall Islands-registered drybulk and container shipping company Navios Maritime Partners L.P....

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