OREANDA-NEWS. Fitch Ratings has downgraded China Fishery Group Limited's (China Fishery) Issuer Default Rating to 'D' from 'RD'. No Outlook has been assigned.

The downgrade follows China Fishery's announcement on 30 June that the company and its subsidiaries had filed for US bankruptcy protection under Chapter 15 and Chapter 11 of the US bankruptcy code.

The bankruptcy filing with facilitate a debt restructuring arrangement with holders of the USD300m senior unsecured notes issued by CFG Investment S. A.C., China Fishery's financing vehicle. China Fishery failed to pay a coupon on the notes that was due on 30 January 2016.

China Fishery's senior unsecured rating and the rating on the USD300m notes issued by CFG Investment S. A.C. have been affirmed at 'C', with a Recovery Rating of 'RR4'.