Fitch rates Corporacion Pesquera Inca

Fitch Ratings said it assigned a BB- rating to Corporacion Pesquera Inca SAC's proposed $150 million note issuance. Proceeds from the issuance will be used to refinance existing debt.

The outlook is stable.

The ratings reflect the company's strong market position in the fishmeal industry as the third largest producer in the world, adequate leverage levels, and positive free cash flow generation and increasing margins, Fitch said.

The ratings are constrained by the company's product and client concentration, production vulnerability to weather changes in Peru, pricing volatility and aggressive growth strategy, the agency said.

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