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Moody's upgrades Camposol
Moody's Investors Service said it upgraded Camposol Holding plc's corporate family rating to B2 from B3.
Moody's also said it upgraded Camposol SA's $147.5 million 10½% senior secured notes due 2021 to B2 from B3.
The outlook is stable.
The upgrades reflect Camposol's meaningful de-leveraging process and the sustainable improvement in its operating performance in 2017 due to the recovery in its main products prices in the past 12 months, Moody's explained.
The upgrades also consider the company's cost-reduction initiatives in combination with operational adjustments, the agency said.
The company's leverage metrics have significantly improved as adjusted debt-to-EBITDA reached 1.6x as of the last 12 months that ended September 2017, from 8.5x as of December 2015, Moody's said.
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