Moody’s cuts Pesquera Exalmar to B3

Moody's Investors Service said it downgraded Pesquera Exalmar, SAA's corporate family and senior unsecured ratings to B3 from B2.

The outlook is negative.

Moody’s said the downgrade reflects Exalmar's current weak credit metrics and our expectation that they will further tighten as a result of the high likelihood that a modest to strong El Nino will lead the Peruvian authorities to reduce or cancel the second fishing season of 2015. This will impact Exalmar's revenues and profitability for a second consecutive year leading its leverage to remain around 6.5 times in the next 12 to 18 months.

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