Bimbo's focus on strengthening its profitability and operating performance through cost-control initiatives, manufacturing and distribution efficiencies, and product innovation has allowed it to improve its margins and gradually reduce leverage despite sluggish economic conditions in certain markets and foreign currency volatility. 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 remain focused on protecting sales volumes and market share, while achieving operating efficiencies and cost reductions. Moreover, we expect the company to fund its working capital needs, capex, dividend payments, and small acquisitions through internal cash flow generation while gradually reducing debt. On March 30, 2017, S&P Global Ratings affirmed its
