Fitch affirms Gruma

Fitch Ratings said it has affirmed the ratings of Gruma, SAB de CV as follows: long-term foreign currency issuer default rating at BB; long-term local currency issuer default rating at BB; and $300 million of perpetual bonds at BB.

The outlook remains positive.

Gruma's ratings are supported by its solid business profile as one of the largest producer of corn flour and tortillas in the world, strong brand equity, good operating performance and improved financial position after reducing significantly its debt levels and concluding its refinancing process in 2011, the agency said.

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