Moody's rates Pesquera Exalmar notes B2

Moody's Investors Service said it assigned a B2 rating to Pesquera Exalmar, SAA's senior unsecured global notes due 2022 for up to $200 million.

Moody's also said it assigned a B2 corporate family rating to the company.

The outlook is stable.

The proceeds will be used to refinance an existing $140 million syndicated loan and to purchase about 0.5% of additional fishing quota.

The ratings reflect the company's limited operating scale and modest business diversification compared to regional peers and other seafood and protein-industry companies, Moody's said.

The ratings also consider its exposure to potentially volatile volume and price trends of the commoditized global fishmeal and fish oil market, the agency said.

These credit negatives are somewhat offset by the company's position as the fourth largest fishmeal producer in Peru, Moody's said.

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