Marshall Islands-registered dry-bulk and container shipping company Navios Maritime Partners L.P. reported lower EBITDA in 2016, and we expect a further contraction in earnings in 2017. However, we believe the company's reduced debt will counterbalance the lower EBITDA, leading to slightly improved credit measures in 2017. We are therefore affirming our 'B' long-term rating on Navios Partners and assigning our 'B' issue rating to its proposed senior secured loan. The negative outlook reflects our view that Navios Partners' liquidity might weaken to levels no longer commensurate with the current rating, in particular if it fails to refinance its term loan due June 2018. On Feb. 15, 2017, S&P Global Ratings affirmed its 'B' long-term corporate credit rating on Marshall Islands-registered
