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S&P Upgrades Gruma to BBB+, Surpassing Mexico’s Sovereign Rating

The agency referenced resilient cash flows alongside cautious debt metrics to justify the rating boost

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Overview

  • Standard & Poor’s raised Gruma’s long-term foreign-currency rating from BBB to BBB+, placing it above Mexico’s sovereign score.
  • S&P cited operational efficiency gains and low debt-to-EBITDA ratios over six consecutive quarters as proof of Gruma’s sound financial footing.
  • Analysts forecast 2–3% growth in dollar-denominated sales and an EBITDA of roughly $1.1 billion for both 2025 and 2026.
  • Gruma’s international diversification and essential staple products have sustained stability even under challenging market conditions.
  • The company has expanded into low-carb, gluten-free and organic tortillas, reinforcing its leadership in health-oriented segments.