Fitch cuts China Fishery notes

Fitch Ratings said it downgraded China Fishery Group Ltd.'s issuer default rating, its senior unsecured rating and $300 million senior unsecured notes to BB- from BB and placed them on rating watch negative.

The agency said the downgrade reflects a sharp deterioration in China Fishery's earning visibility over the next two years as two of its three core operations, contract supply in Russia and China Fishery fleet, face increased risk.

The negative watch reflects potential material financial losses at its contract supply business, following media reports that their activity may be in breach of Russian law, Fitch said.

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