We expect Navios Maritime Partners L.P. (Navios Partners) to generate solid earnings in 2026-2027, supported by its contracted revenue base, favorable charter rate conditions, in particular for crude tankers, and the contribution from newbuild ships. Alongside sound EBITDA-to-cash conversion, an ample available cash cushion, and a balanced financial policy, this underpins our forecast of S&P Global Ratings-adjusted funds from operations (FFO) to debt likely improving and staying above our 40% upgrade threshold, despite significant committed investment in new ships. We therefore revised our outlook on Navios Partners to positive from stable and affirmed our ‘BB’ long-term issuer credit rating on the company and our ‘BB’ issue rating on its senior unsecured debt. The positive outlook reflects the possibility of an
