Navios Maritime Partners L.P. (Navios Partners) issued $95 million in new equity and a $405 million term loan B facility due 2020, the proceeds of which it used to redeem existing term loan B. We believe that the transactions have increased the company's liquidity coverage and loan-to-value covenant headroom, and demonstrate Navios Partners' satisfactory access to capital markets. We are therefore revising our outlook on Navios Partners to stable from negative, and affirming our 'B' rating on the company. The stable outlook reflects our view that, despite sluggish industry conditions, Navios Partners will maintain rating-commensurate credit metrics and liquidity over the next 12-months, underpinned by its medium-term time-charter profile and competitive cost structure. On March 23, 2017, S&P Global Ratings
