S&P affirms Pesquera Exalmar

S&P said it affirmed its B- corporate credit and issue-level ratings on Pesquera Exalmar SAA (Exalmar). The outlook on the corporate credit rating remains negative.

S&P said Exalmar's cash flow generation prospects are improving amid S&P’s expectations that normalizing fishing conditions in Peru will support global fishing quotas above 4 million tons a year. However, although business conditions have improved, Exalmar's tight liquidity remains exposed to the inherent cyclicality of the Peruvian fishing industry, as well as to the debt maturity on its $172 million senior unsecured notes due January 2020.

“In our view, Exalmar's refinancing risk could escalate by the second quarter of 2018 if the company cannot successfully execute a liability management that extends its debt maturity profile,” S&P said in a news release.

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