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Tuesday, March 8, 2016
“The company continues to benefit from the importance of its products in Mexican eating habits, and from the global increase in tortilla consumption.”.
Mexico City, March 8, 2016.-Having consistently posted strong financial results driven by effective growth in its revenues, profitability and cash flow generation, and in consideration of its moderate use of debt, Standard & Poor’s today upgraded Gruma’s credit and debt rating from “BBB-” to “BBB” with a stable outlook.
Standard & Poor’s announced that the company’s new rating is a reflection of the firm’s expectation that this strong performance and the moderate financial policy pursued will continue over the next two years.
In addition, the firm expects Gruma to fund its investment expenditure plan (CAPEX) and payment of dividends from the generation of internal cash flow without drawing down on significant additional debt.
“Our assessment of Gruma’s business risk profile reflectsthe company’s product distribution capacity and its extensive presence in the tortilla and related-product markets in the United States.
The company continues to benefit from the importance of its products in Mexican eating habits, and from the global increase in tortilla consumption that has resulted from its presence in Mexico, Asia, Central America,Europe, Oceania and the United States,”,added the rating’s agency.
After pointing outUnderliningthat 70% of Gruma’s revenues and EBITDA is generated outside of Mexico, the rating’s agency stated its hope that the multinational will continue to report a debt/EBITDA ratio of under 1.5, as well as a funds from operations/debt ratio of around 60% during the next two years.
Finally, the agency added that the “stable” outlook placed on the company reflects the expectation that it will maintain strong performance as it continues to increase its geographic presence and strengthen its profitability through its focus on value-adding products, improvements in operating efficiencies, and the stability of commodity prices.
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