Standard&Poor's Ratings Services' ratings on Grupo Bimbo, S.A.B. de C.V. (Bimbo) reflect its leading position in Mexico's packaged-bread industry, stronger market position in the U.S., significant brand recognition, and a diverse geographic and product profile. The ratings also reflect Bimbo's "strong" liquidity. The company's debt-financed growth strategy, low profitability margins compared with its peers and its operations in the highly competitive U.S. fresh baked goods industry counterbalance these factors in part. . We consider the company's business risk profile as "satisfactory" and its financial risk profile as "intermediate." For the 12 months ended Sept. 30, 2012, Bimbo's revenues rose 39.1% primarily because it integrated Sara Lee Corp.'s operations in the U.S. and Spain and Compania de Alimentos Fargo,
