Fitch Downgrades China Fishery to 'C' on Winding-Up Petition

China Fishery

26/11/2015 09:43

(The following statement was released by the rating agency)

HONG KONG, November 26 (Fitch) Fitch Ratings has downgraded China Fishery Group 
Limited's (China Fishery) Issuer Default Rating (IDR) to 'C' from 'B-'. It has 
also downgraded the senior unsecured rating and the rating on the USD300m senior 
unsecured notes issued by CFG Investment S.A.C. 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'.

RATING SENSITIVITIES

Negative: Future developments that may, individually or collectively, lead to 
negative rating action include: 

- Approval of the winding up petition by the Hong Kong court will result in the 
IDR being downgraded to 'D'.

Positive: Future developments that may, individually or collectively, lead to 
positive rating action include: 

- Rejection by the Hong Kong court of the winding-up petition

- China Fishery has secured sufficient bank facilities for refinancing and its 
operational needs

- Redemption of USD300m notes due 2019 and other debt is not accelerated

Contact: 

Primary Analyst

Su Aik Lim

Senior Director

+852 2263 9914

Fitch (Hong Kong) Limited

19/F Man Yee Building

68 Des Voeux Road Central, Hong Kong

Secondary Analyst

Yee Man Chin

Director

+852 2263 9696

Committee Chairperson

Kalai Pillay

Senior Director

+65 6796 7221

Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: 
wailun.wan@fitchratings.com.

Additional information is available on www.fitchratings.com.

Applicable Criteria 

Corporate Rating Methodology - Including Short-Term Ratings and Parent and 
Subsidiary Linkage (pub. 17 Aug 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=869362

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_id=995400

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