S&P shifts Exalmar view to stable

S&P said its outlook on Pesquera Exalmar SAA to stable from negative and affirmed its CCC+ ratings.

“During the last 12 months ended June 2021, Exalmar reported record-high sales and EBITDA of $415 million and $119 million, respectively. This was mostly due to higher fishing quotas and effective catch during the second fishing season of 2020 (a 89.5% catch of the approved quota) and the first season of 2021 (about 98.1%), which allowed for higher processing volumes,” S&P said in a press release.

The outlook reflects the position that Examlar will deliver healthy operating and financial results and cash flows in the next 12 months due to favorable fishing and pricing conditions.

“This should allow the company to continue to roll over its sizeable short-term debt maturities,” S&P said.

The agency noted Exalmar recently inked a syndicated loan for $148 million. It used the proceeds to refinance its outstanding 2019 syndicated loan of $86 million and to repay 97% or $60.2 million of its outstanding 2025 senior unsecured notes.

“As a result, the company has improved its debt maturity profile, and reduced its syndicated loan amortizations for the next few years and financing costs,” S&P said.

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