The ratings on the Unilever group reflect Standard&Poor's Ratings Services' view of its superior business risk profile as one of the world's largest and most diversified operators in the consumer products sector, as well as its moderate financial policy. These factors are countered 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). We analyze Unilever on a consolidated basis. In the 12 months to Sept. 30, 2009, Unilever had group sales of €40.3 billion and an EBITDA margin of
