No. 1 position worldwide in the stable and cash-generative branded food industry; Extensive product portfolio; Extensive geographical diversification; Conservative financial policy; and Superior cash flow generation. Currently weak debt measures for the rating category; and Profitability not fully reflective of the group's scale and leading positions worldwide in most categories. The ratings on Switzerland-based Nestlé S.A. and its related entities reflect the group's No. 1 position worldwide in the stable and cash-generative branded and packaged food industry; very strong brands; extremely diversified product portfolio, with leading market shares worldwide in most categories; extensive geographical diversification; and superior cash flow generation. These factors are offset by a financial profile that is currently weak for the ratings. With 2002 sales of Swiss
