Fitch snips Camposol

Fitch Ratings said it downgraded Camposol Holding plc and Camposol SA's long-term foreign and local currency issuer default ratings to B from B+. Fitch also lowered Camposol SA's senior unsecured notes to B/RR4 from B+/RR4.

The outlook remains negative.

“The downgrade reflects a slower pace of deleveraging and higher leverage than initially anticipated. The negative outlook incorporates Camposol's reliance on a high amount of short-term debt while global capital debt market access is limited. The company's performance has been volatile due to climatic events such as El Nino weather phenomenon that should persist until early 2024,” Fitch said in a press release.

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