Moody’s: Pesquera Exalmar to stable

Moody's Investors Service said it changed Pesquera Exalmar, SAA's outlook to stable from negative and affirmed its B3 corporate family and senior unsecured ratings.

Moody’s said the B3 ratings incorporate primarily Exalmar's vulnerability to climatic conditions and fishing quotas regulation; a pronounced cash flow seasonality; and its limited operating scale and modest business diversification compared to regional peers as well as other seafood and protein-industry companies.

The stable outlook reflects the agency’s expectation that the company's profitability and credit metrics will continue to improve absent any strong weather event that results in a decline on the fishing quota or cancelation of a fishing season.

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