The ratings on the Unilever group reflect its superior business risk profile as one of the world's largest and most diversified operators in the consumer products sector and its moderate financial policy. These factors are mitigated by the group's large exposure to the mature and price-competitive European markets: 31% of the group's 2008 sales originated in Western Europe and 47% in developing and emerging markets. U.K.-based Unilever PLC and Netherlands-based Unilever N.V. are the joint parent companies of the Unilever group of companies (Unilever). The group is analyzed on a consolidated basis. In the 12 months to March 31, 2009, Unilever had group sales of €40.5 billion and an EBITDA margin of 16%. Foods account for slightly more than one-half
