Fitch rates Camposol notes B-RR4

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

In addition, the agency affirmed Camposol SA's $200 million senior unsecured existing notes at B-/RR4 and assigned a B-/RR4exp rating to its $200 million five-year proposed senior secured notes.

The outlook was revised to negative from stable.

Camposol is proposing to exchange any and all of its outstanding $200 million 9 7/8% notes due Feb. 2, 2017 for a 10½% senior secured notes due 2021. The purpose is to extend the maturity of its existing notes. The exchange offer commences on April 11 and will expire at midnight on May 6. If the exchange offer does not consummate as expected, a multi-notch downgrade would follow to reflect limited refinancing options for the 2017 notes.

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