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 modest financial risk profile. With consolidated sales of Swiss franc (CHF) 83.6 billion in 2011, Nestlé enjoys a well diversified business portfolio. It has leading market shares worldwide in numerous product categories, including soluble coffee, bottled water, dairy products, nutrition and infant nutrition, ice cream, frozen prepared dishes, culinary products, pet care, and chocolate. The group benefits from strong brands, proven innovation skills, and above-average geographic diversification. With 29 billionaire brands, the group generates large sales volumes from retailers. This, combined with strong global brands, shields Nestlé from the penetration
