Fitch revises Bimbo outlook to 'stable' from 'positive'
November 11, 2010
by Eric Schroeder
MONTERREY, MEXICO — Fitch Ratings affirmed several ratings of Grupo Bimbo S.A.B. de C.V. while revising the company’s outlook to “stable” from “positive.” Grupo Bimbo’s issuer default rating, local currency issuer default rating and senior unsecured notes for $800 million due 2020 all were affirmed at “BBB” by Fitch. “From a business perspective, the acquisition of Sara Lee North American Fresh Bakery by Bimbo is positive,” Fitch said. “This transaction gives Grupo Bimbo greater geographic diversification across the United States and at the same time strengthens and complements its current brands and products portfolio in this country. Furthermore, our analysis incorporates that the company could reach synergies between $150 million to $200 million in the following three years with the integration of this new operation.”