...+ Marshall Islands-registered drybulk and container shipping company Navios Maritime Partners L.P. faces historically low drybulk charter rates, which we think will not recover in the next 12-24 months. + We expect the company will see constrained earnings in 2016 and 2017, and will not achieve credit measures commensurate with a '##' rating. + In our view, management's ability to enhance Navios Partners' credit quality has significantly diminished, due to the protracted downturn in the drybulk shipping industry, as reflected in the company facing a tightened covenant cushion. + As a result, we now consider management and governance to be satisfactory, compared with strong previously. + We are therefore lowering our rating on the company to 'B+' from '##'. + The negative outlook reflects our view that the company could find it difficult to remain in compliance with its financial covenant without an amendment and mounting refinancing risk. LONDON (Standard & Poor's) Feb. 11, 2016--Standard...
