Company briefs: China Fishery Group

China Fishery Group

Standard & Poor's Ratings Services yesterday lowered its long-term corporate credit rating on Mainboard-listed China Fishery Group to "D" from "SD" (selective default).

The downgrade came after the group missed a coupon payment of about US$14.63 million (S$20.84 million) on its US$300 million guaranteed senior unsecured notes. The coupon was due last Saturday.

S&P said it does not expect China Fishery to pay up within the 30-day grace period.

All of China Fishery's banking facilities are at a standstill, and it has no additional liquidity support, S&P said.


Vard Holdings

Shipbuilder Vard Holdings unit Vard Marine has won a €4 million (S$6.2 million) contract for the design of an Antarctic icebreaking vessel for the Chilean Navy.

The contract calls for the consulting naval architecture and marine engineering firm to develop the basic design of the ship that will be constructed at the ASMAR shipyard in Talcahuano, Chile. The vessel is scheduled for delivery in 2021.


LCH.Clearnet

Transatlantic clearing house LCH.Clearnet has been granted the status of Recognised Clearing House by Singapore's regulator, it said yesterday.

Recognition applies to LCH.Clearnet's EnClear freight division, and over-the-counter ForexClear and SwapClear services.

Last year, the Monetary Authority of Singapore proposed to mandate Singapore-dollar and US-dollar interest rate swaps for central clearing.

With its new clearing house licence, LCH.Clearnet will be qualified to clear these trades on its SwapClear service once the mandate is enforced.

A version of this article appeared in the print edition of The Straits Times on February 02, 2016, with the headline 'Company briefs: China Fishery Group'. Print Edition | Subscribe