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, strong geographic diversity, and very robust free cash flow generation. Although the group's financial profile is less conservative than in the past, Standard&Poor's Ratings Services still considers it to be very strong. With consolidated sales of Swiss franc (CHF) 55.3 billion in first-half 2010, Nestlé continues to benefit from 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 group revenues continued to recover
