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Announcement:

Moody's: China Fishery's Q3 2014 results have no impact on its B2 ratings

 The document has been translated in other languages

15 Aug 2014

Hong Kong, August 15, 2014 -- Moody's Investors Service says that China Fishery Group Limited's (CFG) fiscal Q3 2014 (April to June) results have no impact on its B2 corporate family rating and the senior unsecured bond rating on notes issued by its subsidiary -- CFG Investment S.A.C -- or the stable outlook for the ratings.

"Changes to CFG's sales mix have had no impact on revenue generation because the growth in its fishmeal business has sufficiently covered the loss of revenue due to its exit from the contract supply business," says Lina Choi, a Moody's Vice President and Senior Analyst.

The first full nine-month revenue contribution from CFG's Peruvian fishmeal business was US$325 million, up by US$242 million from a year ago.

By contrast, revenue from the contract supply business fell to US$130 million from US$320.8 million.

"CFG also booked an improved EBITDA, reflecting cost savings from integrating its Peruvian fishmeal business," adds Choi.

For Q3, CFG registered total EBITDA of US$65 million, up 11% from a year ago, and the result of lower average fixed costs from increased production.

Debt/EBITDA for the 12 months ended June 2014 was 4.5x, in line with Moody's expectations.

CFG acquired Copeinca ASA (Copeinca Norway, unrated) and Corporación Pesquera Inca S.A.C. (Copeinca, B2 stable) -- the global third largest fishmeal producer -- in August 2013.

The combination of Copeinca and with CFG's Peruvian fishmeal operations resulted in a doubling of CFG's fishmeal production capacity.

Since the completion of the transaction, CFG has rationalized plants, vessel utilization, and third-party purchasing contracts.

These moves have resulted in meaningful cost savings, and Moody's believes that they could be sustainable as they derive from better economies of scale.

Moody's notes that CFG received cash repatriations with the termination of its Russian supply contracts, and reported cash and equivalents of US$132 million at 28 June 2014.

Moody's expects a further $120 million cash repatriation from its Russian suppliers in the next 12 months.

But CFG's liquidity position could be vulnerable if it is unable to obtain consent from its bond holders on cross-guarantees and reorganization. Please refer to Moody's announcement of 18 July 2014 for details of the consent solicitation. Moody's notes that CFG has extended the period of consent solicitation to August 21, 2014.

Moody's will monitor closely the progress of the consent solicitation. If the company cannot obtain the necessary consent from bond holders, Moody's will review the company's ratings.

The principal methodology used in these ratings was the Global Protein and Agriculture Industry published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

China Fishery Group Ltd is headquartered in Hong Kong and listed in Singapore. It is engaged in the Peruvian fishmeal and fish oil business and fishing fleet operations. China Fishery is 46.5% effectively owned by the Pacific Andes group, through Pacific Andes International Holdings Ltd (PAIH), a Hong Kong-listed integrated fish and seafood products processor. The Carlyle Group, a global alternative asset management firm, holds an 11.1% stake in the company.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Lina Wai Choi
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Gary Lau
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's: China Fishery's Q3 2014 results have no impact on its B2 ratings
No Related Data.
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