Standard&Poor's Ratings Services' 'AA' rating on Switzerland-incorporated international food manufacturing group Nestlé S.A. is derived from: Our anchor of 'aa', based on our "excellent" business risk and "modest" financial risk profile assessments for the group. Our 'AA' rating on the group is the same as the anchor score, as we do not apply a modifier. Global leader in the branded food industry. Unparalleled brand portfolio with about 30 billionaire brands. Extensive geographic and product diversity. Strong presence in fast growing emerging markets and infant nutrition business. Strong ability to innovate backed by its robust research and development. Highly cash generative. Conservative financial policy. Robust financial metrics with adjusted funds from operations (FFO) to debt of about 65% at
