See message 33273 from Passandshoot on Investor's Village re entirel ong news item:
Moody's Investors Service has today changed the outlook on Navios Maritime Partners L.P.'s ("NMP") ratings to negative from stable. At the same time, the rating agency has affirmed NMP's Ba3 Corporate Family Rating (CFR), Ba3-PD Probability of Default Rating (PDR) and its Ba3 senior secured banking facility rating assigned to its Term Loan B, currently amounting $250 million.
Here is an interesting piece from a Sept. 25, 2013 SA article about shipping rates:
Capesize rates have leaped from an average of $6,100 per day in the second quarter to almost $30,000. Panamax rates have also improved, with rates up almost $3,000 from the second quarter average to about $10,500. Whereas Capesize rates are only about 10% below their 2010 average level, those Panamax rates are still less than half the 2010 level."
With a number of lease renewals, particularly for Panamax size ships, happening in the next 12 months, I think that we could see NMM have a significant increase in earnings/profits and increasing earnings/profits are the best insurance that debt obligations are met. I agree, a non-event. except it might mean slightly higher borrowing rates.