Fitch downs Kamps

Fitch Ratings said it downgraded Kamps AG's issuer default and senior unsecured ratings to B- from BB- and removed them from Rating Watch negative.

A negative outlook is assigned.

Fitch added its B- /RR4 senior unsecured and recovery ratings apply to Kamps' €325 million bond due 2009.

Fitch said it considers that the challenges ahead for a turnaround of Kamps continue to be significant.

Fitch noted that investment in a re-launch of the two Lieker Urkorn and Golden Toast brands will also absorb resources, as will the opening of new stores at the group's retail bakery chain.

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