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. Strong presence in the fast-growing and high-margin infant nutrition segment. Group profitability that doesn't fully reflect Nestlé's scale and leading market positions despite continuous improvement over the past 10 years. Financial measures slightly below our guideline following the acquisition of Pfizer's nutrition business. 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 and modest financial risk profile. With consolidated sales of Swiss franc (CHF) 83.6 billion in 2011, Nestlé enjoys a well
