Here are the full fact sheets on the question from SRAC.

http://srac.tamu.edu/tmppdfs/13092343-SRAC4603.pdf

http://srac.tamu.edu/tmppdfs/13092343-463fs.pdf.

In properly managed fish ponds,
ammonia seldom accumulates to
lethal concentrations. However,
ammonia can have so-called �sublethal�
effects�such as reduced
growth, poor feed conversion, and
reduced disease resistance at
concentrations that are lower than
lethal concentrations.


Maintaining
high dissolved oxygen levels by
aeration will slightly reduce the
toxic effect of un-ionized ammonia.
In addition, TAN levels may
be reduced through increased aerobic
bacterial activity due to higher
oxygen levels.