The ratings on Switzerland-based Nestlé S.A. (and related entities), the largest global player in the stable and cash-generative branded and packaged food industry, reflect Standard&Poor's Ratings Services' view of the group's excellent business risk profile, strong geographic diversity, and very robust free cash flow (FCF) generation. Although the group's financial risk profile is less conservative than in the past with recent sizable share buybacks, we still consider it to be very strong. With consolidated reported sales of Swiss franc (CHF) 109.7 billion in 2010, Nestlé continues to benefit from a broadly diversified business portfolio, with leading global market shares in numerous product categories, including soluble coffee, bottled water, pet care, dairy products, nutrition and baby food, ice cream,
