Standard&Poor's Ratings Services' ratings on Grupo Bimbo S.A.B. de C.V. reflect the firm's "satisfactory" business profile (as our criteria define the term), as reflected in its leading position in Mexico's packaged-bread industry, strengthened market position in the U.S., geographic and product diversification, and ability to maintain profit margins amid adverse economic conditions. However, the ratings also reflect the company's debt-financed growth strategy, low organic sales volume growth, and operation in the highly competitive fresh baked goods industry in the U.S. During the fourth quarter of 2011, Bimbo completed the acquisition of Sara Lee Corp.'s (BBB/Stable/A-2) fresh bakery business in North America (for $709 million) and in Spain and Portugal (for €115 million). Bimbo financed these acquisitions mainly through
