Following the completion of the exchange of 73.75% of its senior unsecured notes, Camposol continues to carry a significant portion of short-term debt, including $52.5 million from the original notes due February 2017. We're lowering our corporate credit and issue-level ratings on Peru-based fresh produce company to 'CCC-' from 'CCC', reflecting our view of the greater probability of default in the next six months. We're also removing ratings from CreditWatch with developing implications. The negative outlook reflects Camposol's vulnerability to nonpayment and the potential liquidity crisis in the next six months if the company is unable to refinance the remaining $52.5 million of its senior unsecured notes due February 2017. On Aug. 4, 2016, S&P Global Ratings lowered its corporate
