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S&P lifts Navios Maritime
S&P said it raised its long-term issuer credit rating on Navios Maritime Holdings Inc. to B from B-.
The outlook is stable.
At the same time, the agency raised the issue rating on the company's senior secured debt to B from B-.
The recovery rating on the $650 million first-priority ship mortgage notes due in January 2022 remains at 3, reflecting recovery expectations in the 50%-70% range (rounded estimate: 50%). The 4 recovery rating on the $305 million senior secured notes due in August 2022 remains and indicates average recovery (30%-50%; rounded estimate: 40%).
S&P withdrew its CCC issue rating and 6 recovery rating on the $350 million senior bonds due February 2019.
“The upgrade reflects Navios Holdings' improved cash flow generation and financial performance from the recovery in dry-bulk shipping industry conditions,” the agency said in a news release.
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