Moody's cuts Kamps notes to Caa1

Moody's Investors Service said it downgraded the corporate family rating and rating on the €325 million 8.5% senior notes due 2009 of Kamps AG and its subsidiaries to Caa1 from B2.

The outlook remains negative.

Moody's said the downgrade reflects the significantly weaker-than-expected performance of the company since the second half of 2005, in particular in the fourth quarter, which occurred in spite of the company's reported cost saving objectives having been met.

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