S&P upgrades Gruma to BB+

Standard & Poor's said it raised its global scale corporate credit and debt ratings on Gruma, SAB de CV to BB+ from BB.

The recovery rating on the bonds remains unchanged at 3 and the outlook is stable.

S&P said the upgrade reflects its view of Gruma's financial policy, which the agency believes has moderated during the past few years. The company's commitment to reduce debt and improve profitability, especially after the buyout of the stake that Archer Daniels Midland Co. used to hold in Gruma, strengthened its EBITDA margin and key financial ratios by the end of 2013.

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