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Summary: Navios Maritime Acquisition Corp. Jan 11

Description:
Abstract
The rating on tanker shipping company Navios Maritime Acquisition Corp. (Navios Acquisition) reflects Standard & Poor's Ratings Services' view that its business risk profile is weak, constrained by the higher-than-average industry risk characteristics of the tanker shipping sector and the company's aggressive growth strategy. The rating is also constrained by our view of Navios Acquisition's highly leveraged financial risk profile and currently weak credit measures. We consider these risks to be partly offset by Navios Acquisition's conservative charter policy and adequate liquidity. Our rating reflects Navios Acquisition's stand-alone credit quality. Despite its partial ownership by, and links with, Navios Maritime Holdings Inc. (BB-/Stable/--), we note that the companies have different shareholder groups, are separately listed entities, and management has advised...

Companies mentioned in this report are: Navios Maritime Acquisition Corp.
Action: Review


Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Companies Mentioned
Navios Maritime Acquisition Corp.
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