Fitch Downgrades China Fishery to 'D' after US Bankruptcy Filed

China Fishery

06/07/2016 04:03

(The following statement was released by the rating agency)

HONG KONG, July 05 (Fitch) Fitch Ratings has downgraded China Fishery Group 
Limited's (China Fishery) Issuer Default Rating to 'D' from 'RD'. No Outlook has 
been assigned.

The downgrade follows China Fishery's announcement on 30 June that the company 
and its subsidiaries had filed for US bankruptcy protection under Chapter 15 and 
Chapter 11 of the US bankruptcy code. 

The bankruptcy filing with facilitate a debt restructuring arrangement with 
holders of the USD300m senior unsecured notes issued by CFG Investment S.A.C., 
China Fishery's financing vehicle. China Fishery failed to pay a coupon on the 
notes that was due on 30 January 2016. 

China Fishery's senior unsecured rating and the rating on the USD300m notes 
issued by CFG Investment S.A.C. have been affirmed at 'C', with a Recovery 
Rating of 'RR4'. 

RATING SENSITIVITIES

Fitch will re-examine China Fishery's credit profile if it successfully 
restructures its debt.

Contact: 

Primary Analyst

Yee Man Chin

Director

+852 2263 9696

Fitch (Hong Kong) Limited

19/F, Man Yee Building

68 Des Voeux Road, Hong Kong

Secondary Analyst

Vicki Shen

Director

+852 2263 9918

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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https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr 
_id=1008470

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https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1008470

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https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&det 
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