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 to 'BBB' from 'BBB-'. 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 rating also reflects the more aggressive financial profile following the acquisition of George Weston Ltd.'s western operations and the challenges it faces in integrating and improving the operation of the acquired unit. The foreign currency rating reflects the sovereign
