On Aug. 16, 2007, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Switzerland-based Nestlé S.A. to 'AA' from 'AAA'. The outlook is stable. At the same time, the long-term rating on Nestlé Australia Ltd. was lowered to 'AA-' from 'AA+' with a stable outlook, and the short-term rating on Nestlé Unternehmungen Deutschland GmbH was lowered to 'A-2' from 'A-1'. In addition, the 'A-1+' short-term ratings on Nestlé S.A. and Nestlé Australia Ltd. were affirmed. The rating action follows a significant change in the group's financial policy, as reflected by its announcement of a Swiss franc (CHF) 25 billion share buyback program, which it will implement over the next three years. Nestlé has chosen to increase its
