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Sunday, April 5, 2015
“Standard & Poor’s has upgraded Gruma’s credit and debt rating from “BB+” to “BBB-””.
Mexico City, April 5th, 2015.- On account of its strong profitability and low debt levels, credit-rating agency Standard & Poor’s has upgraded Gruma’s credit and debt rating from “BB+” to “BBB-” with a stable outlook.
Standard & Poor’s explained that the company’s rating reflects the expectation that it will maintain a moderate financial policy and discretionary cash flow to debt of around 15%.
The rating agency’s upgrade was based on the Mexican multinational’s core business approach with profitable, value-added products.
By way of an example, in December 2014 the company completed the sale of its wheat flour operations in Mexico, using the resulting resources to pay off debt and thus strengthen its financial structure.
Standard & Poor’s expects Gruma to maintain strong financial performance over the next two years that does not require external financing for the payment of dividends or other investments.
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