We believe that the results of Unilever's recent review of its business activities and financial policy are overall neutral for the company's credit quality. Unilever's planned increase in shareholder remuneration, including a €5 billion share buyback in 2017, should only moderately increase its adjusted debt to EBITDA to 2.5x in 2017-2018, which is still compatible with the current rating; while we view positively the company's decisions to accelerate the reduction in operating expenses by 2020 and to sell its Spreads business. We are therefore affirming our 'A+/A-1' ratings on Unilever and its related entities. The stable outlook reflects our view that Unilever's leading global positions in high-margin businesses will support the company's operating performance. On April 10, 2017, S&P Global
