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Standard & Poors, May 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Leading market positions of Danone's core businesses: fresh dairy, baby and medical nutrition, and beverages. Successful differentiation of health and wellness brands. Strong cash flow generation. Moderate financial policy. Relatively high exposure to the mature consumer goods markets of Western Europe, including some slow-growing segments. Volatility of raw material costs. Competitive factors that necessitate constant investment in innovative products and faster-growing markets. The ratings on France-based food manufacturer Danone (Groupe) are supported by Standard & Poor's Ratings Services' view on the quality of the group's earnings, which we characterize as excellent, and by Danone's leading positions in fresh dairy products, baby and medical nutrition, and bottled water in a mix of emerging and mature geographic markets. The ratings are constrained...
Companies mentioned in this report are: Danone (Groupe),General Mills Inc.,Kellogg Co.,Nestle S.A.,Unilever PLC,Danone Finance
Danone (Groupe),General Mills Inc.,Kellogg Co.,Nestle S.A.,Unilever PLC,Danone Finance