Another key rating driver is the sale of the group's Peruvian business. China Fishery announced last December that it had received non-binding memorandums of understanding from two prospective buyers for its Peruvian business at an indicative enterprise value of US$1.7 billion. "Fitch believes that in the event of a successful sale at the suggested valuation, the proceeds should be more than sufficient to cover all of the company's outstanding debt." Fitch said if China Fishery enters the bankruptcy process, a further downgrade in ratings from RD to "D", which stands for default, might happen. But the agency said a successful debt restructuring or the sale of the Peruvian business could lead to positive rating actions.