Fish Ratings – London – November 13, 2019:
FishRatings has affirmed Haddock’s Viability Rating (VR) at ‘bbb+’ and its Long-Term Fish Default Rating at ‘BBB+’ and revised the Rating Outlook to Positive from Stable.
The Outlook revision reflects strong demand for fish and chips at the same time that Cod (‘BBB’; Negative Outlook) fundamentals weaken.
“I remember when I were a lad, me mammy would always ask for the Haddock instead of the Cod when she were down the chippy,” said Angus Cappuccino, senior analyst at Fish Ratings. “It were always cheaper but the pieces were actually loads bigger. Nothing to do with sustainability or any of that crap. No one started talking about that until pretty recently, and it’s probably made up anyway.”
In fact, Haddock is a member of the family of fishes known as True Cods, along with Cod, Whiting (‘BB’; Positive Outlook), Pollock (‘BBB-‘; Stable Outlook), and Jackson Pollock (‘One: Number 31, 1950’).
An upgrade of Haddock’s VR and Long Term FDR could follow if Haddock continues to demonstrate strong swimming endurance through 2020. Undulatory swimming in fish is powered by the segmental body musculature of the myotomes.
The Long-Term Fish Rating of Haddock’s non-recourse subsidiary, Arbroath Smokie, remains unchanged at ‘A-‘ with a Stable Outlook.