In 2017, Navios Maritime Partners acquired seven dry-bulk vessels with about $92 million in additional debt and $64 million in cash. We are updating our recovery analysis to include the acquired vessels and improved vessel valuation. This, together with our expectation of continued gradual recovery in the dry-bulk shipping industry, results in higher recovery expectations for the secured debt. We are therefore raising our issue rating on the company's senior secured term loan to 'B+' from 'B' and revising the recovery rating to '2' from '3'. We are also affirming our 'B' long-term corporate credit rating on Navios Partners. The stable outlook reflects our view that charter rate conditions in dry-bulk shipping will continue to gradually improve, and Navios Partners
