Moody's assigns China Fishery notes Ba3

Moody's Investors Service said it assigned a definitive Ba3 senior unsecured bond rating on the $300 million of 9¾% seven-year notes due 2019 issued by CFG Investment SAC, a wholly owned subsidiary of China Fishery Group Ltd.

The majority of the bond proceeds will be used to fund the expansion of China Fishery's fishing operation in the northern Pacific Ocean, including but not limited to the prepayment of the Fourth Supply Agreement.

The remaining proceeds are expected to repay its outstanding debt and to finance the working capital needs, Moody's said.

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