Camposol has agreed to exchange 73.75% of its existing $200 million senior unsecured notes due February 2017 for new five-year dollar denominated 10.5% secured notes maturing 2021. In our view, noteholders received less than the original promise despite the enhanced terms and conditions of the new notes since the new securities? maturity extends beyond the original and the company conducted the offer under the weight of an unfavorable liquidity position. Upon completion of the offer, we expect to review the corporate credit and issue-level ratings on Camposol, based on its new capital structure and liquidity assessment. On May 25, 2016, S&P Global Ratings lowered its corporate credit rating on Camposol S.A. to 'SD' from 'CC'. At the same time, we
