Marshall Islands-registered drybulk and container shipping company Navios Maritime Partners L.P. reported stable earnings in the first quarter of 2015, and we expect its solid EBITDA performance will continue. We expect Navios Partners to maintain its financial profile, benefiting from high charter coverage and a competitive cost position, despite depressed charter rate conditions. We are therefore affirming our 'BB' long-term rating on Navios Partners. We are also raising our issue rating on Navios Partners' senior secured debt to 'BB+' from 'BB' and assigning a recovery rating of '2' to this debt. The stable outlook reflects our view that Navios Partners will maintain rating-commensurate credit metrics underpinned by its medium-term time-charter profile, competitive and predictable cost structure, and its use of
