One of the world's most diversified companies in the stable and cash-generative branded food and home and personal care industries. Leading positions in numerous markets, with an extensive product portfolio underpinned by leading brands. Moderate financial policy. Competition, necessitating constant investment in innovative products and faster-growing markets. Relatively high overhead costs due to broad product and geographic diversity. Exposure to volatile commodities costs, affecting the price of ingredients and packaging; and to volatile currencies in some regions. The ratings on Unilever 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. We qualify Unilever's financial
