Moody's: China Fishery unchanged

Moody's Investors Service said it sees no immediate impact on China Fishery Group Ltd.'s B1 corporate family and senior unsecured ratings from its raising of $150 million in equity through an issue of new shares to the Carlyle Group, a private equity investment firm.

The outlook remains stable.

Upon completion of the transaction, Carlyle Group will own 11.3% of China Fishery's shares, the agency said.

The equity issue is credit positive, Moody's said, as it will lower the company's estimated current adjusted debt-to-capitalization to 60% from 67%.

But this will not be enough to translate into immediate upward rating pressure because the company will use the proceeds for acquisitions and not to reduce debt.

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