Peru-based fresh produce company Camposol faces a significant debt maturity related to its senior unsecured notes due Feb. 2, 2017, which has increased liquidity and refinancing concerns. We are lowering our corporate credit rating on Camposol to 'CCC' from 'B-'. We are also downgrading our debt rating on the company's $200 million senior unsecured notes to 'CCC'. The negative outlook reflects our view that Camposol could be highly vulnerable to nonpayment over the next few months or to a potential debt exchange or similar transaction that we could view as distressed. On Feb. 17, 2016, Standard&Poor's Ratings Services lowered its corporate credit rating on Camposol S.A. to 'CCC' from 'B-'. At the same time, we lowered our issue-level
