Standard&Poor's placed its local currency ratings for Grupo Bimbo S.A. de C.V. on CreditWatch with negative implications on Jan. 22, 2002. The CreditWatch placement followed the company's announcement that it is acquiring George Weston's Western U.S. baking business for a total purchase price of US$610 million. Standard&Poor's will work with the company to assess the impact that this acquisition and its financing will have on its credit profile. The CreditWatch listing indicates that a specific event requiring further information and analysis could have an impact on the actual rating; the negative implications indicate that the ratings could be lowered or affirmed. The ratings reflect the company's dominant position within the very fragmented, but consolidating, bread industry
