Rating agency Fitch downgraded China Fishery Group's Issuer Default Rating (IDR) Tuesday to Restricted Default (RD), for its high levels of credit risk after the company failed to meet the deadline for the payment of a schedule coupon on Jan. 30, and which it failed again to pay after a 30-day grace period ending Feb. 29, reports Reuters.
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,” the agency noted.
