The rating on Grupo Bimbo S.A. de C.V. (Bimbo) reflects the company's dominant position within the very fragmented, but consolidating, bread industry in Mexico. The rating also incorporates Bimbo's strong financial profile resulting from its low cost position, its extensive distribution network, and conservative financial management; as well as its increasing presence in the U.S., Latin America, and most recently in Europe. Bimbo is the largest producer of bread products in Mexico and a significant producer of sweet and salty snacks. The company sells and distributes more than 750 products and has nearly 90 brands. It has a 90% market share in the packaged bread business and more than 20% of the overall bread market. Bimbo's extensive market share is
