Global leader in the branded food industry. Strong brand portfolio. Extensive geographic and product diversity. Strong presence in fast growing emerging markets and infant nutrition business. Strong ability to innovate backed by its robust research and development. Highly cash generative. Conservative financial policy. Discretionary cash flows constrained by high shareholder returns. The stable outlook reflects our expectation that Nestlé will uphold a conservative financial policy, continue to generate significant free cash flow, and maintain a financial risk profile that is in line with the current ratings. In particular, we anticipate that adjusted funds from operations (FFO) to net debt will continue to exceed 50%, which we view as the guideline commensurate with the current ratings. Even after payment for the
