Peru-based fresh produce company Camposol announced an offer to exchange its existing senior unsecured notes due February 2017 for new five-year dollar-denominated 10.5% secured notes. Given the specific characteristics of this transaction, we view it as a distressed exchange under our criteria. Therefore, we lowered our ratings on the company to 'CC' from 'CCC'. The negative outlook reflects our view that Camposol is tantamount to default on its financial obligations due February 2017. If the company completes the exchange offer, we will lower the issue-level rating to 'D' and corporate credit rating to 'SD'. Subsequently, we will review our ratings on Camposol based on its new capital structure and liquidity assessment. On April 11, 2016, Standard&Poor's Ratings Services
