May 11 -
-- Trading conditions in the product tanker shipping industry remain difficult in our view, prompting us to revise our charter rate assumptions for 2012-2013 downward.
-- Pressure on Navios Maritime Acquisition Corp.’s earnings and credit measures has increased, given the uncertain industry outlook and the company’s higher debt due to its recent acquisition of new vessels.
-- We are revising our outlook on Navios Acquisition to negative from stable and affirming our ‘B’ rating on the company.
-- The negative outlook reflects our view that Navios Acquisition might be unable to improve its credit measures to a rating-commensurate level in the near to medium term.
On May 11, 2012, Standard & Poor’s Ratings Services revised its outlook on Marshall Island-registered tanker shipping company Navios Maritime Acquisition Corp. (Navios Acquisition) to negative from stable. At the same time, we affirmed our ‘B’ long-term corporate credit rating on the company.