S&P downgrades Camposol

Standard & Poor’s said it lowered the long-term corporate credit and issue-level ratings on Camposol SA to B- from B.

The outlook is negative.

The downgrade reflects Camposol’s weaker-than-expected operating and financial performance during 2015, S&P said, and a view that the company’s credit metrics will remain in line with a highly leveraged financial risk profile assessment.

The agency also said it believes Camposol’s refinancing risk has increased as the company’s $200 million notes mature Feb. 2, 2017.

During the 12-months that ended September 2015, adverse weather conditions have contracted some of Camposol’s products volumes, S&P added.

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