S&P upgrades Pesquera Exalmar

S&P said it raised the global scale issuer credit and issue-level ratings on Pesquera Exalmar SAA to B from B- and removed them from CreditWatch, where they were placed with positive implications in January.

During the first quarter of 2019, Pesquera Exalmar refinanced its senior unsecured notes for $109 million due 2020 and posted stronger operating and financial performance due to higher-than-expected fishing quotas that have strengthened its capital structure and liquidity position, S&P said.

S&P said it expects an improvement in Exalmar's liquidity and leverage metrics with a debt-to-EBITDA and EBITDA interest coverage of less than 4x and higher than 3x, respectively, in the next 12 months.

After refinancing its senior unsecured notes for $109 million due 2020, Exalmar has sharply improved its financial risk profile, capital structure and liquidity position with a debt maturity profile of higher than 3.5 years on a pro forma basis, the agency said.

The upgrades also consider the company's better-than-expected operating and financial performance during the past 12 months due to a significant recovery in the fishing quotas in Peru since 2017 and higher purchases from third parties, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.