...+ Mexico-based bakery company, Bimbo, intends to issue subordinated hybrid notes. + We assess the proposed securities as having intermediate equity content. + We are assigning our '##+' issue rating to the proposed notes, reflecting their subordination and optional deferability. MEXICO CITY (S&P Global Ratings) April 12, 2018--S&P Global Ratings assigned its '##+' long-term issue rating to Grupo Bimbo S.A.B de C.V.'s (Bimbo; ###/Negative/--) proposed perpetual, optionally deferrable, and subordinated hybrid capital instrument . The company intends to use the proceeds for general corporate purposes, including the repayment of existing indebtedness, to strengthen its liquidity, and to fund both its recent acquisitions and a portion of its planned capital expenditures (capex). We arrive at our '##+' issue rating on the proposed instrument by notching down from our '###' issuer credit rating (ICR) on Bimbo. The two-notch difference reflects our notching methodology, which calls for the following...
