On Dec. 11, 2008, Standard&Poor's Ratings Services kept its ratings on Toronto-based George Weston Ltd. on CreditWatch with negative implications following the company's announcement that its subsidiary, Dunedin Holdings SARL (Dunedin), has reached an agreement to sell its fresh bread and baked good business in the U.S. to Mexico-based Grupo Bimbo S.A.B. de C.V. (Grupo Bimbo; BBB+/Watch Neg/--). We placed the ratings on CreditWatch Dec. 5, following George Weston's announcement that Dunedin was in discussions with Grupo Bimbo regarding the possible sale. The CreditWatch update follows the agreement to sell the company's U.S. fresh baking assets to Grupo Bimbo for net cash proceeds of about US$2.5 billion. The U.S. bakery business being sold makes up a significant portion
