...July 30, 2021 - We expect acquisitions and share buybacks to push NestlT's adjusted debt leverage in excess of 2x in the coming years, attesting to a less conservative financial risk profile. - However, NestlT continues to deliver solid operating results, and enjoys great flexibility stemming from its CHF55 billion, 23% stake in L'OrTal. - We therefore affirmed our '##-/A-1+' issuer credit ratings on NestlT. - The stable outlook reflects our expectation of continuous strong operating performance, substantial free operating cash flow (FOCF) generation of at least CHF10 billion annually, and the maintenance of the leverage ratio below 2.5x. PARIS (S&P Global Ratings) July 30, 2021--S&P Global Ratings today took the rating actions listed above. NestlT will report weaker-than-expected credit metrics, owing to sizable acquisitions and share buybacks. The group's S&P Global Ratings-adjusted debt to EBITDA increased to 1.9x in 2020 from 1.6x in 2019, owing to the first leg of the CHF20 billion...
