...The rating dow ngrade reflects our expectation that Nestle SA's leverage w ill increase to levels more consistent w ith the `A+' rating due to the company's intention to distribute up to CHF20 billion to shareholders over 2020-2022. We also do not rule out the risk that M&A spending may accelerate as the company is in the process of transforming the business tow ards high-grow th categories. The `A+' rating and Stable Outlook are supported by the stability and strength of Nestle's business as the w orld's largest food company, benefiting from scale and geographic diversif ication. In our view , the company is w ell placed to continue accelerating its organic sales grow th and improving its profitability....
