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 geographic and product diversification. The ratings also reflect Bimbo's "strong" liquidity. Partly mitigating factors are the company's debt-financed growth strategy, low profitability margins compared with its peers, and operation in the highly competitive U.S. fresh baked goods industry. We consider the company's business risk profile as "satisfactory" and its financial risk profile as "intermediate." For the 12 months ended March 31, 2012, revenues rose 22.9% mainly as a result of organic growth in Mexico and Latin America, and the integration of Sara Lee acquisitions in the U.S. and Spain,
