Moody’s cuts Navios, loan to B2

Moody's Investors Service said it downgraded Navios Maritime Partners LP’s corporate family rating to B2 from Ba3, probability of default rating to B2-PD from Ba3-PD and $411.3 million senior secured term loan B due in June 2018 to B2 from Ba3.

The outlook is stable.

"Our downgrade reflects the weakened operating performance of Navios Partners' dry bulk operations coupled with an elevated number of contract maturities in the next 12-18 months, the challenges faced by Navios Holdings, its parent company, and the difficulties faced by Navios Partners' largest customer which could affect its performance," Marie Fischer-Sabatie, Moody's senior vice president and lead analyst for the issuer, said in a news release.

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