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Fitch upgrades Gruma, notes to BBB
Fitch Ratings said it upgraded Gruma SAB de CV’s long-term foreign currency issuer default rating (IDR) to BBB from BBB-, long-term local currency issuer default rating to BBB from BBB- and $400 million senior unsecured notes due 2024 to BBB from BBB-.
The outlook is stable.
Fitch said the upgrade reflects its view that Gruma's improvements in profitability and leverage metrics over the last few years has strengthened its credit profile and decreased its financial and business risks. The upgrade also considers that Gruma will maintain a solid free cash flow (FCF) generation capacity and total debt-to-EBITDA close to 1.5 times over the next 18 to 24 months.
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