China Fishery can meet higher financing needs

CHINA Fishery Group, the subsidiary of frozen fish supplier Pacific Andes Resources Development, has enough liquidity to manage higher financing needs this year despite a recent acquisition, said Fitch Ratings. This is because of continued bank support and likely higher operating cash-flow generation, said Fitch. The ratings agency has a negative outlook on the company, which it rates as a BB-, or speculative grade. China Fishery acquired Peru's second-largest fishing company, Copeinca, last year for US$778 million, which led to a higher risk profile, said Fitch. But it was helped by healthy operating cash flow from a successful Peruvian anchovy fishing season that just concluded, Fitch said.

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