Moody's confirms Kamps

Moody's Investors Service said it confirmed the B2 senior implied rating of Kamps AG but maintains a negative outlook for the ratings.

The ratings affected by the rating action include Kamps' senior implied rating confirmed at B2; senior unsecured issuer rating confirmed at B2; €240 million 8% senior notes due 2005 confirmed at B2; and €320 million 8.5% senior notes due 2009 confirmed at B2.

The confirmation concludes Moody's review for downgrade initiated on Sept. 10 to assess (i) the severe decline in operating performance reported in 2004 in the German bakery market; (ii) the company's material short-term refinancing risk in view of its €240 million senior notes due in September 2005; and (iii) the operational and financial support which Barilla may lend to the company over the short to medium term.

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