The ratings on Switzerland-based Nestlé S.A. and its related entities reflect the group's superior business profile--as the largest player worldwide in the stable and cash-generative branded and packaged food industry--and cash flow generation, and the expected further improvement in its financial profile. Nestlé boasts an extremely diversified business portfolio. The group enjoys leading market shares worldwide in a large number of categories, in particular soluble coffee; bottled water; condensed, evaporated, and powdered milk; baby food; ice cream; frozen prepared dishes; culinary preparations; and chocolate. The group also benefits from very strong brands: its six global brands, including Nestlé, account for 70% of consolidated sales. In addition, Nestlé's geographical diversification is extensive, with leading positions in North America (especially the U.S.)
