Fitch upgrades Copeinca

Fitch Ratings said it upgraded Copeinca AS’ foreign-currency issuer default rating to BB- from B+ and subsidiary Corporacion Pesquera Inca SAC’s foreign-currency issuer default rating to BB- from B+ and $250 million senior notes to BB- from B+/RR4. The outlook was changed to negative from stable.

The agency said the upgrade is due to the integration and strategic ties with parent company China Fishery Group Ltd. (BB-/negative), which is in the process of redeeming Pesquera Inca’s senior notes.

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