S&P rates Grupo Bimbo notes BBB

S&P said it assigned a BBB rating to Grupo Bimbo SAB de CV’s proposed sale of up to $500 million of 30-year notes.

Proceeds will be used to help refinance $800 million of notes due 2020.

“The rating on the notes is at the same level as the issuer credit rating, given that the proposed debt consists of senior unsecured obligations and is guaranteed by the company's main subsidiaries, which represent about 80% of consolidated EBITDA and 65% of consolidated assets as of June 30, 2019,” said S&P in a news release.

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