Navios Maritime Acquisition Cut to CCC by S&P Ahead of Maturity

Navios Maritime Acquisition Corp. has $603 million of first-priority ship mortgage notes maturing in November with limited options for refinancing, according to S&P Global Ratings. There’s an increased chance of a distressed exchange, S&P says in a report cutting the company to CCC from B- with a negative outlook.

• Co. has no unencumbered ships or access to auxiliary liquidity facilities, per S&P
  • Cites constrained cash flow and access to bond markets amid softer trading conditions and subdued prospects for a significant rebound in tanker charter rates
• NOTE: Co. owns and operates 47 modern crude oil, product and chemical tankers, per ...