S&P affirms China Fishery

Standard & Poor's said it affirmed its B+ long-term corporate credit rating on China Fishery Group Ltd. The outlook is negative.

S&P also affirmed its B+ long-term issue rating on senior unsecured notes that the company guarantees. At the same time, S&P affirmed its cnBB- long-term Greater China regional scale rating on China Fishery and the notes.

S&P said it affirmed the ratings on China Fishery to reflect its assessment that the company's stand-alone credit profile is b+ and it is a "core" and "insulated" member of Pacific Andes International Holdings Ltd. The rating on China Fishery is therefore capped at one-notch above our assessment of the group credit profile as b.

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