S&P puts Copeinca on developing watch

Standard & Poor's said it placed the B+ corporate credit rating on Corporacion Pesquera Inca SAC (Copeinca) on CreditWatch with developing implications.

The CreditWatch listing follows Cermaq ASA's planned acquisition of Copeinca for about $824 million.

An upgrade is possible if the transaction improves the company's business or financial risk profiles and its credit quality, S&P said.

The agency could lower the ratings if the transaction results in a weaker financial risk profile, resulting in a higher default risk.

S&P said it will monitor developments relating to this transaction and will resolve the CreditWatch listing following a review of the acquisition and its approval by Copeinca's shareholders and the Norwegian Parliament.

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