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Moody's downgrades Camposol
Moody's Investors Service said it downgraded Camposol SA's corporate family rating and the rating on its $350 million of 6% backed senior unsecured notes due 2027 and guaranteed by Camposol's parent company, CSOL Holding Ltd. to Caa1 from B3.
The downgrade of Camposol's ratings reflects persistent tight liquidity and weak credit metrics. Although the company has been able to rollover short-term debt and gradually improve credit metrics and cash flow generation; Moody's believes that higher interest expense amid a deteriorated economic environment will continue to pressure the company's cash generation, leverage, and coverage metrics through 2024.
“The rating action also considers the increasing refinancing risk associated with the company's $206 million in short-term debt as of June 2023,” Moody’s said in a statement.
The outlook remains negative.
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