Nestlé Capital Canada Ltd. and Nestlé S.A.: Rating Report

DBRS Ratings Limited (DBRS Morningstar) confirmed the Issuer Rating of Nestlé S.A. (Nestlé or the Company) at AA (low) and the Commercial Paper (CP) rating of Nestlé Capital Canada Ltd. at R-1 (middle). All trends are Stable. The confirmations and Stable trends reflect DBRS Morningstar's view that the Company is well positioned to weather the pandemic as well as the macroeconomic after effects within the current rating category. For insight beyond the ratings, see the rating report.