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, as well as its conservative financial profile. With 2006 consolidated sales of Swiss franc (CHF) 98 billion (€61 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 top
