Standard&Poor's Ratings Services' ratings on Grupo Bimbo S.A.B. de C.V. (Bimbo) reflect the company's leading position in Mexico's bread-baking industry, its extensive distribution network, its ability to maintain margins despite increasing commodity prices, and its solid financial profile. The ratings also reflect Bimbo's limited geographic cash flow diversification and the still-low margins of its U.S. operations. With sales of $6.4 billion during the 12 months ended Sept. 30, 2007, Bimbo is one of the largest baking companies in the world in terms of production and sales volumes. The company is the largest producer of bread products in Mexico and one of the main producers of sweet and salty snacks. With 76 plants and presence in 18 countries throughout
