Fitch gives Camposol notes BB-

Fitch Ratings said it assigned a BB- rating to the $350 million senior unsecured notes issued by Camposol SA and guaranteed by Csol Holding Ltd. The outlook is stable. Proceeds from the notes will be used to refinance debt.

Fitch also assigned first-time BB- long-term foreign and local currency issuer default ratings to Camposol and Csol.

Fitch said it expects the company’s net leverage to be in the 2x-2.5x range during 2020, which is a decline from 3.2x in 2019. Camposol’s EBITDA is projected to fall to $120 million in 2019 from $153 million in 2018. For 2020, Fitch is projecting that the company’s EBITDA will climb above $170 million.

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