FishRatings Downgrades Angelfish to ‘BB+’; Outlook Negative

Fish Ratings – Rio de Janeiro – 11 November 2019

Fish Ratings has downgraded Freshwater Angelfish’s Long-Term Rating to ‘BB+’ from ‘BBB-‘. The Outlook is Negative. Fitch has also downgraded Marine Angelfish to ‘BB+’ from ‘BBB-‘. A full list of rating actions is at the end of this commentary.

“Angelfish’s metrics are no longer consistent with an investment grade rating,” said María Mercedes Jacques Cousteau, senior analyst at FishRatings. “It is a Fallen Angelfish.”

The downgrade reflects FishRatings’ assumption that Angelfish’s characteristics will more closely align with Devil Fish (B-), an endangered species of ray in the family Mobulidae (Family Rating BB), through December 2021.

FULL LIST OF RATING ACTIONS

– Long-Term Fish Default Rating downgraded to ‘BB+’ from ‘BBB-‘; Outlook Negative
– Senior unsecured rating downgraded to ‘BB+’ from ‘BBB-‘

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