Moody's rates China Fishery note B1

Moody's Investors Service said it assigned a provisional B1 corporate family rating to Hong Kong-based China Fishery Group Ltd. and a provisional B1 rating to the proposed seven-year $200 million senior notes to be issued by CFG Investment SAC and guaranteed by China Fishery.

The outlook is stable.

The bond proceeds will be used to refinance a loan facility drawn down for the acquisition of Alexandra SAC in Peru, to repay certain loans, for general corporate purposes and to fund potential strategic investments.

The agency said China Fishery's ratings reflect its competitive and established position in the supply of frozen fish to the global market, especially to China's growing market, and its low-cost structure compared with its global peers.

The ratings are constrained by the company's aggressive expansion and acquisition strategy and the uncertainty associated with the evolving operating environment in Russia and Peru, Moody's added.

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