Fitch may lower Kamps

Fitch Ratings said it placed Kamps AG's senior unsecured BB- rating on Rating Watch negative following the publication of its first-half 2005 results.

The rating action has been triggered by Kamps' lower-than-expected first-half 2005 profits stemming from a decline in sales within the pre-packed bread unit. Reduced profitability from the lower sales offset the benefits of Kamps' cost-saving initiatives, leaving its first-half 2005 EBITDA broadly flat on first-half 2004.

Management has stated to Fitch that sufficient cash is available to repay its scheduled €250 million bond maturity on Sept. 29, 2005.

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