The ratings on Switzerland-based Nestlé S.A. and related entities, the largest player worldwide in the stable and cash-generative branded and packaged food industry, reflect the group's excellent business profile and strong geographic diversification. They also reflect Nestlé's very robust free cash flow generation and still very strong financial profile, which Standard&Poor's Ratings Services regards as less conservative than in the past. With consolidated sales of Swiss franc (CHF) 108 billion in 2009, Nestlé boasts a broadly diversified business portfolio and has leading global market shares 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 group revenue performance recovered significantly in the first
