The ratings on Nestlé S.A. and its related entities reflect the group's leading position worldwide in the stable and cash-generative branded- and packaged-food industry; broad brand portfolio; leading market shares in most product lines; and extensive geographic diversification. Nestlé's financial profile is projected to decline steeply following the $11.7 billion acquisition of U.S. pet food manufacturer Ralston Purina Co., which is expected to be completed in the second half of the year. Management is, however, committed to rapidly restoring debt measures back to very strong historical levels, thanks to the group's superior cash flow generation. With 2000 sales of Swiss franc (SFr) 81.2 billion (US$47.5 billion), Nestlé is the largest player worldwide in the branded- and packaged-food industry. Although the
