No. 1 position worldwide in the stable and cash-generative branded food industry. Wide-ranging product portfolio with strong brands. Extensive geographic diversification. Superior cash flow generation. Ability to innovate. Group profitability that doesn't fully reflect Nestlé's scale and leading market positions despite improvement over the past 10 years. Sizable share buyback program. The ratings on Switzerland-based Nestlé S.A. (and 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 diversity, and very robust free cash flow generation. Although the group's financial profile is less conservative than in the past, Standard&Poor's Ratings Services still considers it to be very strong. With consolidated sales of Swiss franc
