S&P rates Pesquera Exalmar notes B-

S&P said it assigned its B- issue-level rating to Pesquera Exalmar SAA's (B-/negative/--) senior unsecured notes for $60.922 million due 2025 that it issued on Feb. 9, 2018.

On Feb. 6, Exalmar completed the exchange offer of $60.922 million of its outstanding 7 3/8% senior notes due 2020 for the 8% senior notes due 2025, the plans for which the company announced at the end of 2017.

“The credit rating on Exalmar reflects its liquidity constraints, because the company has to address the January 2020 maturity on its remaining senior unsecured notes for around $108 million. Failure to execute a liability management plan during 2018 would result in a higher refinancing risk, and therefore could trigger a downgrade,” S&P said in a news release.

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