Dry bulk shipping charter rates have fallen due to subdued demand for commodities from China, disruptions at Vale in Brazil hampering iron ore production, and bad weather conditions in Australia limiting iron ore exports. We believe that lower than we previously expected dry bulk charter rates in 2019 will weigh on Navios Maritime Partners L.P.'s (Navios Partners) cash flow generation and credit ratios. We are therefore revising the outlook on Navios Partners to stable from positive and affirming our 'B+' long-term issuer credit rating. The stable outlook reflects our view that dry bulk charter rates will gradually recover in the next 12 months allowing Navios Partners to maintain rating-commensurate credit metrics and liquidity, including a timely refinancing of its term
