...Investor Meetings: Fitch Ratings' European Fast-Moving Consumer Goods (FMCG) team recently held a series of investor meetings on the food, beverages, consumer and tobacco sectors. This report considers most frequently raised questions. Developed Markets Better than Emerging: Fitch sees the developed world performing more strongly with consumer confidence recovering in the weaker parts of the European Union and only small signs of a deterioration in US consumption. Developing markets however make up well over 40% of the combined sales of our universe of twelve major European-based FMCG multinational issuers. These markets are experiencing weaker consumer spending power and are affecting reported revenues and profits with currency headwinds. Issuers on Negative Outlook: We currently have Negative Outlooks for the three tobacco issuers, Diageo and Premier Foods. These Outlooks result from a combination of historically generous shareholder distributions, M&A activity and more recent currency...
