Moody’s rates Navios Maritime loan B2

Moody’s Investors Service said it assigned a first-time B2 corporate family rating and B2-PD probability of default rating to Navios Maritime Midstream Partners LP.

Moody’s also said it assigned a provisional B2 (LGD 4, 50%) to the proposed $205 million senior secured term loan B due 2020 to be issued by Navios Midstream and co-issuer Navios Maritime Midstream Partners Finance (US) Inc.

The outlook is stable.

The proceeds will be used repay the company’s existing $126 million credit facility, finance two vessel acquisitions and pay transaction fees, Moody’s said.

The ratings reflect the company’s small fleet and high reliance on a few customers, as well as its limited track record, the agency said.

These constraining factors are mitigated by the company’s superior revenue visibility and moderate leverage, Moody’s said.

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