S&P: Pesquera Exalmar on watch

S&P said it placed the B long-term corporate credit and issue-level ratings on Pesquera Exalmar SAA on CreditWatch negative.

The CreditWatch listing reflects at least a one-in-two chance of a downgrade over the next three months in light of significant delays in announcing the fishing quota for the first season of 2016, S&P said.

The latter is fueling uncertainties over the company's operations for the rest of the year, the agency said.

S&P said such delays will have negative implications on the company’s production volumes, which could weaken its financial performance and reduce its liquidity for 2016.

The agency said it will resolve the CreditWatch listing following news from Peruvian authorities on the approved quota and its effects on the company's cash flow generation and liquidity position.

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