Fish Ratings Assigns ‘A2’ Rating to Greenland Shark Buried by Enthusiastic Icelander

Reykjavík, 1 December 2020 – Fish Ratings has today assigned an ‘A2’ senior unsecured Fish Rating to a Greenland Shark that was recently buried by enthusiastic Icelander Ragnar Sunaksson and guaranteed by Heller’s Seafood Market in Warrington.

RATINGS RATIONALE

The Guaranteed Fish is unconditionally and irrevocably guaranteed by the guarantor, Heller’s Seafood Market. Fish Ratings is comfortable with the substitution of Heller’s Seafood Market’s (‘A2’/Stable) rating to the Greenland Shark, which has been beheaded, gutted, placed in a shallow hole in the ground and covered with gravelly sand and stones, based on its assessment of the guarantee under Fish Ratings’ methodology “Rating Fish Based on the Credit Substitution Approach: Fishmonger-Backed, Insured and Guaranteed Fish” published in May 2017.

The Fish is to be used to produce Hákarl, one of the national dishes of Iceland, which has been described by British TV chef Ainsley Harriott as “like chewing a urine-infested mattress.”

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

The rating of this headless, crushed, slowly decomposing Greenland Shark is explicitly linked to the rating of Heller’s Seafood Market. Therefore any upgrade or downgrade of Heller’s Seafood Market’s rating would lead to a change in the rating of the soon-to-be-unrecognisable Greenland Shark.

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