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Monday, November 9, 2015
“Fitch projects Gruma's revenues to grow at a rate higher than mid single-digits on average in 2015-2016 and to maintain a stable EBITDA margin of around 15%”.
The agency expects the multinational to maintain a solid free cash flow (FCF) generation capacity and total debt-to-EBITDA of close to 1.5x over the next 18 to 24 months.
Gruma's low leverage ratios are adequate for the current rating category and are expected to remain relatively stable.
Gruma's ratings continue to reflect its strong business position as the largest producer of corn flour and tortillas in the world with leading brands in most of its markets.
Mexico City, November 9, 2015.- Following improvements in Gruma's profitability and leverage metrics over recent years, which have strengthened the company’s credit profile and decreased its financial and business risks, Fitch Ratings has today upgraded Gruma’s ratings as follows:
The Rating Outlook is Stable.T
he upgrade reflects the agency’s expectation that Gruma will maintain a solid free cash flow (FCF) generation capacity and total debt-to-EBITDA of close to 1.5x over the next 18 to 24 months.
Gruma's ratings continue to reflect its strong business position as the largest producer of corn flour and tortillas in the world with leading brands in most of its markets. Fitch Ratings pointed to the company’s broad distribution network, diversified product lines and proprietary technology, which support its long-term growth in the markets where it operates.
In addition, the agency adds, Gruma benefits from the geographical diversification of its cash flow generation with approximately 64% of its total sales and 61% of its total EBITDA coming from Gruma Corp., which has operations in the U.S.A. and Europe.
Gruma's low leverage ratios are adequate for the current rating category and are expected to remain relatively stable. Fitch is projecting that for 2015 the company's total debt-to-EBITDA will be 1.5x, while its total net debt-to EBITDA will be 1.3x. Fitch also anticipates these ratios could be lower in 2016 in the absence of material acquisitions or investments.
The agency projects Gruma's revenues to grow at a rate higher than mid single-digits on average in 2015-2016 and to maintain a stable EBITDA margin of around 15%.
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