S&P cuts Copeinca to negative

Standard & Poor's said it revised the CreditWatch implications on the ratings of Corporacion Pesquera Inca SAC (Copeinca) to negative from developing.

The CreditWatch listing follows the preliminary acceptance by the company's shareholders of China Fishery Group Ltd.'s new cash tender offer of about $800 million to acquire the company, which is higher than that of Cermaq ASA's recent voluntary offer.

The ratings on China Fishery currently have a negative outlook, reflecting the company's more aggressive acquisitive growth strategy and expected higher debt to fund Copeinca's acquisition, S&P said.

If the transaction is completed and depending on the degree of integration, the agency said it expects the ratings on Copeinca to move in tandem with those on China Fishery.

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