Leading position in Mexico's packaged-bread industry and a large presence in the U.S. Strong brand recognition Significant geographic and product diversification Low profitability margins compared with those of its peers Operations in the highly competitive U.S. fresh baked goods industry Strong liquidity and positive free operating cash-flow generation Moderate financial policy, as seen in the company's focus on debt reduction Debt-financed growth strategy Relatively weak, although improving, financial metrics for the current rating The stable outlook reflects our expectation that Grupo Bimbo S.A.B. de C.V.'s focus on improving its profitability and operating efficiencies, while reducing debt through internal cash flow generation, will lead to an improvement of its credit metrics, posting an adjusted EBITDA margin of about 9.5% and total
