S&P: China Fishery on CreditWatch negative

Standard & Poor's said it placed its B+ long-term corporate credit rating on China Fishery Group Ltd. and the B+ issue rating on the company's senior unsecured notes on CreditWatch with negative implications.

At the same time, S&P placed its cnBB- long-term Greater China regional scale rating on China Fishery and on the notes on CreditWatch with negative implications.

"China Fishery's proposed takeover of fishmeal producer Copeinca ASA appears an aggressive move to us. We require more clarity over the bid, particularly about the final financing structure," S&P credit analyst Lillian Chiou said in a news release.

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