S&P cuts China Fishery

Standard & Poor's said it lowered its long-term corporate credit rating on China Fishery Group Ltd. to B+ from BB-. The outlook is stable.

At the same time, the agency said it lowered the issue rating on the company's $300 million senior unsecured notes due 2019 to B+ from BB-.

The agency also affirmed the cnBB long-term Greater China regional scale ratings on China Fishery and its outstanding senior unsecured notes.

"We downgraded China Fishery to reflect our view that regulatory risk for the company has increased and could undermine the company's already weak business risk profile," said S&P credit analyst Lillian Chiou in a news release.

"The Pacific Andes group's weaker credit profile than China Fishery's also constrains the rating on the subsidiary."

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