Our ratings on Peru-based agribusiness company Camposol reflect our assessment of the company's "vulnerable" business risk profile and "aggressive" financial risk profile. Such assessment is based on the company's participation in the competitive, commodity-oriented, and seasonal fresh produce industry that typically results in volatile profitability and cash flows. The ratings also incorporate the company's exposure to political and economic risks. The partly mitigating factors are Camposol's high level of vertical integration, certain climatic advantages due to its location in Peru, its good market position and prospects for the production and export of non-traditional products (asparagus and avocado), and a manageable debt maturity profile. We expect the company to focus on increasing its production of avocado and table grapes in the
