...On Feb. 18, 2020, S&P Global Ratings withdrew its 'B+' long-term issuer credit rating on Peru-based fresh food producer Camposol S.A. at the company's request. The outlook was stable at the time of the withdrawal, reflecting our expectation that Camposol should improve its operating and financial performance over the next 12 months. The company's recent seafood business spin-off, coupled with higher production from recent investment in planted fields, should support higher revenue growth and an EBITDA margin close to 35%. In addition, Camposol's recent issuance of $350 million senior unsecured notes extended its debt maturity profile and provides greater financial flexibility for the company to pursue its investment plan. As a result, we expect Camposol to post a gross leverage ratio below 3.0x and slightly negative DCF generation by the end of 2020. Finally, at the time of the withdrawal, our 'B+' rating reflected Camposol's limited scale of operations compared with those of its global...
