N°1 position worldwide in the stable and cash-generative branded-food industry; Extensive product portfolio; Extensive geographic diversification; Conservative financial policy; and Superior cash flow generation. Weak year-end 2001 debt measures for the rating category. The ratings on Nestlé S.A. and its related entities reflect the group's leading position worldwide in the stable, cash-generative branded- and packaged-food industry; very strong brands; extremely diversified product portfolio; leading market shares worldwide in most product lines; and extensive geographic diversification. Nestlé's financial profile has declined steeply following the 2001 $11.7 billion cash acquisition of U.S. pet-food manufacturer Ralston Purina Co. However, management is committed to rapidly restoring debt measures to very strong historical levels, relying on the group's superior cash flow generation. With sales of
