Fitch cuts Kamps to BB-

Fitch Ratings said it downgraded Kamps AG's senior unsecured rating to BB- from BB. Following the downgrade, the outlook is stable.

The downgrade reflects Fitch's concern that Kamps' cost-cutting efforts may be substantially undermined by continued challenges to its trading performance.

It also takes into account the agency's view that financing plans for fiscal year 2005 carry adverse elements for senior unsecured creditors.

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