Peruvian agro-industrial producer and exporter Camposol reported solid revenue growth in 2014. The company financed the expansion of its blueberry and shrimp businesses through additional debt, which weakened its key credit metrics and constrained its free operating cash flow (FOCF) generation. We are affirming our 'B' corporate credit and issue-level ratings on Camposol. The stable outlook reflects our expectation that Camposol will post strong revenue growth and improving EBITDA margin in the next 12-24 months thanks to an improved product mix and some cost-saving initiatives. Moreover, we expect FOCF to turn positive and credit metrics to gradually improve starting in 2015. On May 5, 2015, Standard&Poor's Ratings Services affirmed its 'B' corporate credit and issue-level ratings on Camposol
