April 6, 2020
S&P Global Ratings downgraded Peruvian fishmeal producer Exalmar to B- from B on lower cash flows and "potential commercial risks in the markets where it operates due to COVID-19," it said in a report on Thursday.
S&P also put a negative on Exalmar's revised ratings, pointing out that the company may face disruptions in distribution because it gets most of its revenue from exports, particularly to China.
Exalmar recorded a drop in EBITDA in 2019 on lower catch volumes and higher-than-exp
Rating agency demotes the Peruvian fishmeal producer to B- on lower cash flows and "potential commercial risks"