Fitch affirms Brake Bros.

Fitch Ratings said it affirmed the ratings on Brake Bros. Finance plc's £105 million 12.0% senior notes due 2011 and the €105 million 11.5% senior notes due 2011 at B-. This follows the announcement that the Brake Bros. group is discussing with Compass Group the purchase of Peter's Food Service's Ltd. chilled distribution business.

The outlook remains stable.

At the same time Fitch said it affirmed Brake Bros. Acquisition plc's ratings at senior unsecured B, senior secured BB- and short-term B. Brake Bros. Acquisition plc is a subsidiary of Brake Bros. Finance plc.

"First half-2004 results indicate that the group is successfully turning around operations in France and has maintained momentum in the core Broadline business in the U.K. Although the performances of Pauley's and M&J Seafood have been a little disappointing, it appears that Brake is well placed to take advantage of opportunities that may come along such as Peter's Food Service distribution business," said Fitch analyst Stefano Podesta. "From discussions with the company we also believe that, if completed, this acquisition may be neutral on the ratings in the short term."

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