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S&P gives Bimbo notes BBB+
S&P said it gave a BBB+ issue-level rating to Bimbo Bakeries USA Inc.'s planned senior unsecured notes. Bimbo Bakeries USA is a subsidiary of Grupo Bimbo SAB de CV.
The notes will be issued on a senior unsecured basis and will be guaranteed on a senior basis by Grupo Bimbo and subsidiaries Bimbo SA de CV and Barcel SA de CV, both not rated.
“We rate the proposed notes at the same level as our issuer credit rating on Grupo Bimbo because the notes will rank pari passu with all the existing senior unsecured debt issued at the parent level,” S&P said in a press release.
The company plans to use the proceeds mostly to refinance debt, specifically its $800 million senior of unsecured notes due 2024 and other credit lines, and to a minor extent, for general corporate purposes.
The outlook is stable.
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