On Dec. 4, 2008, Standard&Poor's Ratings Services placed all of its ratings on Grupo Bimbo S.A.B. de C.V. (Bimbo), including its 'BBB+' long-term corporate credit rating and its 'mxAAA' CaVal national scale rating, on CreditWatch with negative implications. This means that the ratings could either be lowered or affirmed following the completion of our review. The CreditWatch placement follows the company's announcement that it is in discussions with Dunedin Holdings SARL, a subsidiary of George Weston Ltd. (BBB/Negative/A-2), regarding the possible acquisition of its U.S. fresh baked goods business. If the acquisition is debt financed and the amount of debt is substantial, Bimbo's credit measures will weaken and its ratings could be negatively affected. Total debt (adjusted for
