Fitch revises China Fishery note recovery

Fitch Ratings said it revised the recovery rating on China Fishery Group Ltd.’s senior unsecured rating and the rating on the $300 million senior notes issued by its financing vehicle CFG Investment SAC to RR5 from RR4.

The senior unsecured rating and rating on the notes were affirmed at C and China Fishery's issuer default rating was affirmed at D.

Fitch said the revision of the recovery rating reflects a lower valuation assumption for the Peruvian fishmeal operations, as well as the agency’s expectation that China Fishery may not be able to fully recover the prepayments made to its Russian suppliers.

In addition, the provision of a debt guarantee by a Peruvian subsidiary to club loan lenders may allow club loan lenders to access funds ahead of senior noteholders, Fitch added.

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