China Fishery Results support ratings, says Fitch; company is deleveraging
SEAFOODNEWS.COM [Fitch Ratings] Nov 25, 2014
Fitch Ratings in Hong Kong said today that China Fishery Group Limited's results for the financial year ending 28 September 2014 (FY14) support its ratings at the current level (BB) as its operations remain sound and deleveraging is on track with the refund from the long-term supply agreement (LSA) with Russian suppliers.
However, the company needs to refinance the USD250m bond issued by Corporacion Pesquera Inca SAC, a subsidiary of Copeinca ASA, which China Fishery acquired in 2013 by 16 March 2015. The Negative Outlook on China Fishery's rating reflects this risk. China Fishery is exploring various options to address this, including support from its shareholders. If the refinancing needs are addressed adequately, Fitch may revise the Outlook to Stable.
In FY14, cost savings from the enlarged Peruvian fishmeal ...
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