Fitch: Copeinca unchanged

Fitch Ratings said that Corporacion Pesquera Inca SAC's (Copeinca) reopening of its $175 million senior unsecured notes due 2017 will carry the same B+ rating and RR4 recovery rating as the original deal.

Copeinca intends to issue $75 million of additional debt through this reopening. About $35 million of the proceeds would be used to repay leases that are part of the company's financial debt, while the remaining funds will be used for general corporate purpose.

Copeinca is a wholly owned subsidiary of Copeinca ASA, which has fully and unconditionally guaranteed the notes. The linked ratings reflect the strong legal and operational ties between the companies, Fitch said.

Corporacion Pesquera Inca also has a foreign-currency issuer default rating of B+.

The outlook is stable.

The re-tap further strengthens Copeinca's liquidity, the agency said.

© 2015 Prospect News.
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