Fitch affirms Almes

Fitch Ratings said it affirmed Almes' national long-term rating at BBB+(tun) and short-term rating at F2(tun).

The outlook is stable.

The ratings reflect the consolidation of Almes' market position in both its core businesses (animal feed and vegetable fats) despite a worldwide turbulent commodity market and the 2006 bird flu crisis, Fitch said.

The ratings also factor in its limited ability to pass on considerable increases in commodity prices to final selling prices because of "government-monitored" retail prices on the downstream sectors, the agency said.

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