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 excellent business profile, strong geographic diversification, very robust free cash flow generation, and a still very strong financial profile, although this is less conservative than in the past. With consolidated sales of Swiss franc (CHF) 110 billion in 2008, Nestlé boasts a broadly diversified business portfolio, with leading market shares worldwide in numerous product categories, including soluble coffee, bottled water, dairy products, nutrition and baby food, ice cream, frozen prepared dishes, culinary preparations, and chocolate. Nestlé's extensive geographic coverage encompasses top positions in North America--especially the U.S.--and Europe, as well as in emerging
