S&P revises Navios view to stable

S&P said it revised its outlook on Navios Martime Partners LP to stable from positive and affirmed its B+ long-term issuer credit rating.

S&P believes that lower than previously expected dry bulk charter rates in 2019 will weigh on Navios’ cash flow generation and credit ratios.

“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,” S&P said in a news release.

The stable outlook reflects its view that dry bulk charter rates will gradually recover in the next 12 months.

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