Moody's: Camposol, notes B3

Moody's Investors Service said it assigned a first-time provisional B3 corporate family rating to Camposol Holding plc, along with a provisional B3 rating to its proposed $125 million notes.

The outlook is stable.

The ratings reflect the company's small operating scale, limited historical track record in its current business model, high leverage and expectations of negative free cash generation next year due to growth investments, Moody's said.

The ratings also reflect the sensitivity of the operations to the volatility of the agribusiness industry, as well as cyclical variations in demand for its food products, the agency said.

The ratings are supported by the company's position as one of the largest fully integrated agribusiness corporations in Peru that includes production, packaging and distribution of agricultural products, Moody's said.

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