Fitch rates Navios notes BB+

Fitch Ratings said it assigned an expected BB+ rating to the proposed senior secured notes to be issued by Corporacion Navios SA in the amount of $483 million and due in 2037.

The outlook is stable.

The ratings reflect the company’s revenues, which are supported by a long-term take or pay (ToP) contract with a strong counterparty, Fitch said.

The ratings also consider the company’s ability to adjust tariffs annually by inflation and exchange rate and the recently constructed terminal in a strategic location, the agency said.

The ratings are further supported by an adequate debt structure with standard project finance features and back-loaded amortization profile, Fitch said.

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