Strong market position Extensive distribution network Positive industry growth trends in the region Geographic concentration of cash flow Foreign exchange risk On Jan. 31, 2005, Standard&Poor's Ratings Services raised its foreign currency rating on Grupo Bimbo S.A. de C.V. to 'BBB' from 'BBB-' following the foreign currency upgrade on the United Mexican States. At the same time, Standard&Poor's affirmed Bimbo's 'BBB+' local currency rating. The outlook on both ratings is stable. The ratings reflect Bimbo's leading position in the bread baking industry in Mexico, its low cost position, and its extensive distribution network. The ratings also reflect the more aggressive financial profile following the acquisition of George Weston Ltd.'s western operations and the challenges it faces
