Fitch upgrades Camposol, notes

Fitch Ratings said it upgraded the foreign and local currency issuer default ratings for Camposol Holding plc and its wholly owned subsidiary Camposol SA to B from B-.

The agency also upgraded Camposol SA's senior secured notes to B/RR4 from B-/RR4.

Camposol Holding's recovery rating is capped at RR4 due to the location of the group's operations; Fitch currently limits recovery ratings for corporates located in Peru to RR4. This recovery rating reflects average recovery prospects.

Fitch said the upgrade reflects Camposol Holding's vastly improved credit metrics, stronger liquidity position, and longer debt maturity profile after paying the final bond maturity due in early 2017.

The upgrade also reflects Camposol Holding's increased operational scale, more cash generative business profile due to a better mix of products and the expansion of the avocado, blueberry and shrimp businesses, the agency added.

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