Fitch downgrades Camposol

Fitch Ratings said it downgraded to B- from B the foreign- and local-currency issuer default ratings for Camposol Holding Ltd. and its wholly owned subsidiary, Camposol SA.

Fitch also said it downgraded Camposol 's $200 million senior unsecured notes to B-with recovery rating of RR4 from B with a recovery rating of RR4.

The outlook is stable.

The downgrades reflect the company's deteriorated credit profile, Fitch said.

Camposol's gross leverage is at more than 5x due to a weaker operating performance than initially anticipated and increased refinancing risk for its $200 million unsecured notes due Feb. 2, 2017, the agency said.

The ratings also consider Camposol's leading position in the Peruvian agribusiness industry as a producer of asparagus and avocado, Fitch said, along with its vertical integration and strategic location.

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