In 2015, Bimbo's profitability and key credit metrics continued to strengthen in line with our expectations despite sluggish economic conditions in some markets. We're affirming our 'BBB' global scale and 'mxAA+' national scale corporate credit and debt ratings on Mexico-based bakery company. The stable outlook reflects our expectation that Bimbo will continue to gradually reduce its leverage and improve its operating efficiencies, mainly in countries where its operations generate weaker profitability, in the next two years. We also expect the company to fund its working capital needs, capex, and dividend payments through internal cash flow generation. On March 23, 2016, Standard&Poor's Ratings Services affirmed its 'BBB' global scale and 'mxAA+' national scale corporate credit and debt ratings on
