Fitch cuts China Fishery to C

Fitch Ratings said it downgraded China Fishery Group Ltd.’s issuer default rating to C from B-.

Fitch also downgraded the senior unsecured rating and the rating on the $300 million senior unsecured notes issued by CFG Investment SAC to C from B-, with recovery ratings of RR4. All the ratings have been removed from Rating Watch negative.

“The downgrade follows HSBC’s application to the High Court of Hong Kong to appoint provisional liquidators to China Fishery and China Fisheries International Ltd. This winding-up petition, if successful, will result in the liquidation of China Fishery and its ratings will then be downgraded to D,” Fitch said in a news release.

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