Moody’s Investor Services took a red pen to Navios Maritime Acquisition’s credit rating Thursday amid concerns about debt and its fleet profile.

NNA CEO, Angeliki Frangou.
The agency downgraded the New York-listed owner’s corporate family and probability of default grades to “B3” from “B2” and took the same action against its $505m senior secured notes due 2017.

With 15 vessels in the water and another 14 due for delivery at various stages over the next few years, analyst Marco Vetulli fears an upward adjustment is unlikely to happen until the end of 2013 when more charters materialise and the stable realises its full earnings potential.

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