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S&P cuts China Fishery to SD
Standard & Poor’s said it lowered its long-term corporate credit rating on China Fishery Group Ltd. to SD from CCC+ and lowered the issue rating on the senior unsecured notes due 2019 issued by CFG Investment SAC to CC from CCC+; China Fishery guarantees the notes.
S&P also lowered its Greater China regional scale ratings on China Fishery to SD from cnCCC+ and on the outstanding notes to cnCC from cnCCC+.
S&P removed all the ratings from CreditWatch, where they were placed with negative implications on Oct. 19.
China Fishery is a Singapore-listed fishing company with operations or business in Peruvian, Russian and African waters.
“We downgraded China Fishery to SD (selective default) because we believe the company failed to repay a US$31 million principal installment on its US$650 million club loan facility due earlier this month,” said S&P credit analyst Lillian Chiou in a news release.
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