The ratings on the Unilever group reflect Standard&Poor's Ratings Services' view of its excellent 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: Close to 30% of the group's sales originate in Western Europe and about 53% in developing and emerging markets. We consider that the group's strength and diversity of brands, evolution of market share, and large geographic diversification constitute some of the most relevant factors in assessing the business risk profiles of branded noncyclical consumer goods producers. On this basis, and taking into account
