Fitch lowers Gruma

Fitch Ratings said it has downgraded the foreign and local currency issuer default ratings and outstanding debt ratings of Gruma SAB de CV as follows: foreign currency issuer default rating to BB+ from BBB-; local currency issuer default rating to BB+ from BBB-; and $300 million perpetual bonds to BB+ from BBB-.

Fitch said it has also placed Gruma on rating watch negative, noting that the rating actions follow significant marked-to-market losses on derivative instruments due to extreme exchange rate volatility currently in the financial markets.

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