The ratings on Switzerland-based Nestlé S.A. and its related entities, the largest player worldwide in the stable and cash-generative branded and packaged food industry, reflect the group's superior business profile 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
