Moody's changes China Fishery outlook to stable

Moody's Investors Service said it changed China Fishery Group Ltd.’s outlook to stable from negative and affirmed its B2 corporate family rating and the B2 rating on the notes issued by China Fishery Group Investment SAC.

The agency said the outlook revision reflects the refinancing of $250 million of notes and the company’s improving credit profile with lower debt leverage.

On May 14, subsidiary Corporaci n Pesquera Inca SAC redeemed in full its $250 million senior notes, which were repaid through China Fishery Group's internal cash resources and $231.7 million from its rights issue completed in April.

The agency said China Fishery Group's B2 rating continues to reflect the enlarged scale of China Fishery Group's Peruvian fishmeal after its acquisition of Copeinca and the progressive integration of the latter.

On the other hand, the rating is constrained by the company's business and geographical concentration risk and business volatility associated with natural resources and regulatory controls, Moody’s said.

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