No. 1 position worldwide in the stable and cash-generative branded food industry. Wide ranging product portfolio with at least 25 brands exceeding CHF1 billion of sales. Extensive geographic diversification. Superior cash flow generation. Group profitability does not fully reflect Nestlé's scale and leading market positions. Sizeable share buyback program. The ratings on Switzerland-based Nestlé S.A. (and its related entities), the largest player worldwide in the stable and cash-generative branded and packaged food industry, reflect the group's excellent business profile, strong geographic diversification, very robust free cash flow generation, and a still very strong financial profile, although this is less conservative than in the past. With consolidated sales of Swiss franc (CHF) 110 billion in 2008, Nestlé boasts a broadly diversified
