Corporate briefs

China Fishery Group

FITCH Ratings has downgraded China Fishery Group's issuer default rating (IDR) to "restricted default" or "RD" from "C" or what is defined as exceptionally high levels of credit risk where a default is inevitable.

The credit ratings agency on Tuesday said it has not assigned an outlook to China Fishery. It noted that the company has not paid the scheduled coupon, due Jan 30, 2016, on its US$300 million senior notes even after the end of the 30-day grace period on Feb 29. The non-payment is consistent with an "RD" rating - signifying the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a material financial obligation, it said.