...+ Dry bulk and container shipping charter rates have recovered from their historical lows thanks to improving industry demand and supply fundamentals. + The rebound in dry bulk charter rates has strengthened Navios Maritime Partners L.P.'s cash flow generation and credit ratios such that they are now commensurate with a 'B+' rating. + We also believe that the risk of (and impact from) amendments to the existing charters on Navios Partners' containerships, and ensuing strain on the company's cash flow, has materially diminished. + We are therefore raising our issuer credit rating on Navios Partners to 'B+' from 'B'. + The positive outlook reflects the possibility of an upgrade over the next 12 months if Navios Partners' cash flow generation and credit metrics improve further as the company benefits from recovering charter rates, and if management pursues a prudent financial and treasury policy....
