...Fitch Ratings revised the Outlook on Nestle SA's Long-Term Issuer Default Rating (IDR) to Negative from Stable in August 2018. We affirmed Nestle's Long-Term IDR and senior unsecured rating at `AA-', and the company's Short- Term IDR at `F1+'. A full list of rating actions is available at the end of this report. The Negative Outlook reflects the risk that an acceleration of Nestle's business transformation or further shareholder returns could prevent leverage from returning to levels consistent with the current rating. Consumer and shareholder pressure for transforming the business portfolio towards higher-growth categories and increasing shareholder returns has led Nestle to push its debt position to an all-time high and exhaust the rating limit at the `AA-' level over 2017- 2018. Nestle's ratings continue to reflect the stability and strength of its business as the world's largest food company, benefiting from scale and geographic diversification as well as limited R&D risks. The group...
