Fitch Upgrades Copeinca's Ratings to 'BB-'; Outlook Revised to Negative
Copeinca AS
--Foreign Currency Issuer Default Rating (IDR) to 'BB-'from 'B+'; Outlook to Negative from Stable.
Corporacion Pesquera Inca SAC
--Foreign Currency IDR to 'BB-'from 'B+'; Outlook to Negative from Stable;
--USD250 million senior unsecured notes to 'BB-' from 'B+/RR4'.
KEY RATING DRIVERS
Fitch has upgraded the ratings of Copeinca AS and its wholly-owned subsidiary Corporacion Pesquera Inca SAC (collectively, Copeinca) due to the integration and strategic ties with its parent company, China Fishery Group Limited (CFG) (rated
'BB-' with a Negative Outlook by Fitch), which is in process to redeeming Corporacion Pesquera Inca SAC's senior unsecured notes.
The upgrade to 'BB-' incorporates the strong parent subsidiary linkage between Copeinca and CFG (rated 'BB-'; Negative Outlook) based on its strong operational and strategic ties. Copeinca is fully-owned by CFG and represents about 41% of total CFG EBITDA as of FYE14.
Fitch will withdraw Copeinca's ratings and will not provide any more coverage on the company once the bond is fully repaid. Fitch will continue to maintain the ratings of CFG.
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