S&P lowers Exalmar

S&P said it lowered Exalmar SAA’s ratings to B- from B and placed on CreditWatch negative.

“Exalmar's liquidity has weakened during the past few months due to lower cash flows, a concern given the current macroeconomic uncertainty and potential commercial risks in the markets where it operates due to Covid-19,” the agency said in a news release.

“We expect a contraction in global consumption including demand for fishmeal, while the company's logistics and distribution process of fishmeal and fish oil could be temporarily disrupted because it generates most of its revenue abroad particularly in China.”

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