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 a sustained improvement of its financial profile. With 2005 consolidated sales of Swiss franc (SFr) 91 billion (€59 billion), Nestlé boasts a broadly diversified business portfolio, with leading market shares worldwide in numerous product categories, including 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 widely recognized, strong brands; its six global brands, including Nestlé, account for about 70% of consolidated sales. In addition, Nestlé's extensive geographic coverage encompasses
