Peruvian agro industrial producer Camposol reported much weaker-than-expected credit metrics in 2012, because adverse weather conditions lowered its harvesting productivity and cash flows. We are revising the outlook on Camposol to negative from stable and affirming our 'B' ratings. The negative outlook reflects the risk of a downgrade if Camposol's production volumes do not recover in the next two quarters, further hurting the company's cash-flow generation and preventing it from improve its credit metrics. On April 30, 2013, Standard&Poor's Ratings Services revised the outlook on Camposol S.A. to negative from stable. At the same time, we affirmed our 'B' ratings on the company (see list below). The outlook revision reflects the company's weaker credit metrics resulting from lower
