Strong market position Extensive distribution network Double-digit revenue growth Solid financial profile Geographic concentration of cash flow Still-low margins of its U.S. operations Standard&Poor's Ratings Services' ratings on Grupo Bimbo S.A.B. de C.V. (Bimbo; BBB+/Stable/--) reflect the company's leading position in Mexico's packaged bread industry, its extensive distribution network, its double-digit revenue growth rate, and its solid financial profile. The ratings also reflect Bimbo's limited geographic cash flow diversification and the still-low margins of its U.S. operations. With sales of $7.2 billion during the 12 months ended June 30, 2008, Bimbo is one of the largest baking companies in the world in terms of production and sales volumes. The company is the largest producer of bread products in
