S&P affirms Navios Maritime Midstream

S&P said it affirmed its B long-term issuer credit rating on Navios Maritime Midstream Partners LP.

The outlook is stable.

At the same time, the agency affirmed the B issue rating on Navios Midstream's senior secured debt. The recovery rating remains at 3, reflecting an expectation of meaningful (50%-70%; rounded estimate 65%) recovery in the event of a default.

S&P said the affirmation reflects that Navios Midstream's 2017 and first-quarter 2018 financial performance was largely in line with the agency’s expectations, underpinned by the company's time-charter profile with an average remaining contract term of about 3 years, including the rate backstops from Navios Maritime Acquisition Corp.

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