Fitch rates Gruma notes BBB-

Fitch Ratings said it assigned an expected BBB- rating to Gruma, SAB de CV’s proposed $400 million senior notes due in 2024.

The proceeds will be used to redeem its $300 million outstanding perpetual bonds and to repay existing debt. The notes will rank equal to the company’s existing unsecured indebtedness.

Gruma also has a long-term foreign-currency issuer default rating of BBB-, long-term local-currency issuer default rating of BBB- and BBB- rating on its $300 million perpetual bonds.

The ratings reflect the company’s strong business position as one of the largest producers of corn flour and tortillas in the world with operations in the U.S., Mexico, Central America, Europe, Asia and Oceania, Fitch said.

The ratings also consider Gruma’s geographically diversified operations, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.