...Negative Outlook: Corporacion Azucarera del Peru S.A.'s (Coazucar) Negative Outlook reflects the pressure over liquidity and FCF from the capex commitment of about USD200 million for the completion of the Olmos greenfield project, primarily over 2015-2017. The company has paid USD8 million¡USD9 million for Olmos' water resources since November 2014, and cash generation from the project is not expected before second-half 2016. Strong Equity Holder: Coazucar's shareholders have demonstrated their financial commitment to the company's liquidity. In September 2014, Coazucar's shareholders injected USD30 million of equity cash into the company and USD26.2 million on related debts was converted into equity. In addition, the owners provided USD24 million in assets for the Olmos greenfield project, which includes a USD9 million production plant. Fitch Ratings factors potential support from the shareholders into its rating and believes more cash will be injected if liquidity deteriorates. Leverage...
