Fitch Ratings ratified the national long-term rating of Grupo Bimbo, S.A.B. from C.V. to “AAA (mex)” on March 31, 2023. Bimbo changed the default rating of the international long-term issuer (IDR) in local and foreign currencies from “BBB” to “BBB+”, as well as its senior ratings. The rating outlook is stable.

The increase in international ratings reflects improved operating results and Bimbo's leverage indicators. Also, the company's solid commercial position as the world's leading producer of bakery products, with a portfolio of well-known brands, an extensive exclusive distribution network in key markets, and geographically diversified operations are among the reasons for the ratings.

The financial position of the company has strengthened thanks to solid operational performance, in all regions where it is present, over the past two years. Bimbo's capital structure is expected to remain solid, with gross and net debt of around 2.1 times (x) and close to 1.8x, respectively, by the end of 2023. Bimbo is the largest bakery company in the world. It is present in 34 countries spread across the regions of North America, Latin America and Europe, Asia and Africa and has a comprehensive and diversified product portfolio with leading brands (more recognized by the consumer), with leading positions in the market. Bimbo maintains its leadership in local market shares in key territories despite strong competition.