S&P: CFG Investments notes BB-

Standard & Poor's said it assigned its BB- issue rating and cnBB Greater China credit scale rating to the proposed issue of senior unsecured notes by CFG Investment SAC, a wholly owned subsidiary of China Fishery Group Ltd.

China Fishery and some of its subsidiaries guarantee the notes. S&P said it expects China Fishery to use the majority of the net proceeds to finance the expansion of fishing operations in the North Pacific, including the prepayment of a vessel operating agreement.

The agency said the issue does not affect the BB- long-term corporate credit rating on China Fishery, although the company's leverage will increase after the issuance.

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