Drybulk and container shipping company Navios Maritime Partners L.P. (Navios Partners) faces depressed industry conditions that we think will remain so over the next 12 months. We believe that Navios Partners' liquidity could feel pressure stemming from further cash drain to remedy potential loan-to-value covenant breaches and likely large amendments to its existing contracts. We are therefore lowering our rating on Navios Partners to 'B' from 'B+'. The negative outlook reflects our view that Navios Partners might find it difficult to preserve the rating-commensurate liquidity profile, and that there is mounting refinancing risk given a large bullet debt repayment due June 2018. On June 13, 2016, S&P Global Ratings lowered its long-term corporate credit rating on Marshall Islands-registered drybulk and
