Camposol completed the exchange of 73.75% of its senior unsecured notes due February 2017 into new senior secured notes due 2021. The remaining balance on the original notes, 26.25%, still remains a part of the company's short term debt. As a result, we are raising our corporate credit and issue-level ratings on Camposol to 'CCC' from 'SD', reflecting our view that Camposol is likely to default without an unforeseen positive development for the remaining portion ($52.5 million) of its obligations. We are also assigning our 'CCC' rating on Camposol's new senior secured notes due 2021. Following the exchange, the outstanding amount of the notes due 2017 is now secured by some of the company's real estate assets and ranks pari-passu
