Headquartered in Seattle, American is one of the world's largest integrated seafood companies, harvesting and processing primarily Pollock, Pacific whiting and cod. At-sea operations are concentrated in the U.S. Bering Sea.
Moody's said American reported 2009 revenue of $429 million (€324 million). The company reported 2008 revenue to IntraFish of $600 million (€453.4 million), and 2007 revenue of $650 million (€491.1 million).
At the same time it announced the downgrade, Moody's said it assigned a "Ba3" rating to the proposed senior credit facility and a "B3" rating to the proposed senior subordinated notes of American Seafoods Group LLC, a wholly owned subsidiary of ASG Consolidated LLC -- together referred to as ASG -- pending the completion of the group's recently proposed balance sheet refinancing.
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