S&P affirms Pesquera Exalmar

S&P said it affirmed the B- corporate credit and issue-level ratings on Pesquera Exalmar SAA.

The outlook remains negative.

On Dec. 22, the company turned to the holders of its outstanding 7 3/8% senior notes due 2020 to offer an exchange of those notes for its new 7 5/8% senior notes due 2025.

The agency said the affirmation reflects a view that the exchange is neither opportunistic and nor distressed, because the company is announcing the offer well in advance of the existing 2020 maturities and the offer considers a par-value exchange with a higher interest rate.

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