Compass Group plc http://www.alacrastore.com/company-snapshot/Compass_Group_plc-1022085 Saturday, July 26, 2008 7:39:21 AM 1022085 Compass Group plc en AlacraStore RSS Builder 1.0 30 UK - Travelodge Hotels Ltd, a unit of Arabian state-owned Dubai Holding LLC's Dubai International Capital LLC subsidiary, acquired seven hotels, located in England, Scotland, and Wales, from Swallow Hotels Ltd, an Edinburgh-based owner and operator of hotels, for ##.# mil British pounds ($###.### mil US).6/25/2008 3:03:52 PM20525P87024E90937E86955MTravelodge Hotels LtdSwallow Hotels Ltd-Hotels(7)United Arab EmiratesSwallow Hotels Ltdhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Travelodge_Hotels_Ltd_acquires_Swallow_Hotels_Ltd_Hotels_7_from_Swallow_Hotels_Ltd-1989581040sdc/19895810401989581040Copyright © 2008, Thomson Financial, All Rights ReservedHotels and CasinosUnited KingdomHotels and motels7011FFForeignSubsidiary7011:Hotels and motels999A:National governmentHotels and CasinosUnited KingdomHotels and motels7011FFForeignSubsidiary774418003National governmentOwn,op hotelsCashCash OnlyAssets1024504001Jun 25 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.00000Travelodge Hotels Ltd, locatedin Thame, UK, owns andoperates budget hotels. Thecompany was founded in 1985.Travelodge Hotels Ltd, located in Thame, UK, owns andoperates budget hotels. The company was founded in 1985.Travelodge Hotels Ltd, located in Thame, UK, owns and operates budget hotels. The company was founded in 1985.1.000002.000003.000004.00000The seven hotels of SwallowHotels Ltd, located inEngland, Scotland, and Wales,owns and operates hotels.The seven hotels of Swallow Hotels Ltd, located in England,Scotland, and Wales, owns and operates hotels.The seven hotels of Swallow Hotels Ltd, located in England, Scotland, and Wales, owns and operates hotels.0.000000.000000.000000.00000YBritish Pound23 Jun 08Mon, 23 Jun 2008 00:00:00 ESTDate Announced: 06/23/200823 Jun 08Date Effective: 06/23/200823 Jun 08Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000069.9 British Pound69.900000.0000069.9 British Pound69.90000100.00000100.000000.000000.0000069.9000069.9 British Pound1.96500N69.900000.000000.000000.000000.000000.00000137.36000137.360000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.00000UK - Travelodge Hotels Ltd, aunit of Arabian state-ownedDubai Holding LLC's DubaiInternational Capital LLCsubsidiary, acquired sevenhotels, located in England,Scotland, and Wales, fromSwallow Hotels Ltd, anEdinburgh-based owner andoperator of hotels, for 69.9mil British pounds ($137.361mil US).UK - Travelodge Hotels Ltd, a unit of Arabian state-owned Dubai Holding LLC's Dubai International Capital LLC subsidiary, acquired seven hotels, located in England, Scotland, and Wales, from Swallow Hotels Ltd, an Edinburgh-based owner and operator of hotels, for 69.9 mil British pounds ($137.361 mil US).UK - Travelodge Hotels Ltd, a unit of Arabian state-owned Dubai Holding LLC's DubaiInternational Capital LLC subsidiary, acquired seven hotels, located in England, Scotland,and Wales, from Swallow Hotels Ltd, an Edinburgh-based owner and operator of hotels, for69.9 mil British pounds ($137.361 mil US).UK - Travelodge Hotels Ltd, a unit of Arabian state-owned Dubai Holding LLC's Dubai International Capital LLC subsidiary, acquired seven hotels, located in England, Scotland, and Wales, from SwallowHotels Ltd, an Edinburgh-based owner and operator of hotels, for 69.9 mil British pounds ($137.361 mil US).UK - Travelodge Hotels Ltd, a unit of Arabian state-owned Dubai Holding LLC's Dubai International Capital LLC subsidiary, acquired sevenhotels, located in England, Scotland, and Wales, from Swallow Hotels Ltd, an Edinburgh-based owner and operator of hotels, for 69.9 milBritish pounds ($137.361 mil US).Completed0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Completed-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000007011:Hotels and motels180609001Utd Arab Em999AForeignGovernment5812:Eating places7011:Hotels and motels7999:Amusement and recreation svcs477805001United Kingdom7011ForeignPrivate137.3600069.90000137.3600069.90000Deal InformationThomson Financial Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/moodys/PBC_109042moodys/PBC_109042pdf...UK-based Compass Group plc (Baa#, stable) is the largest contract food services group in the world, with revenues of GBP ##.# billion in the financial year ended ## September #### (FYE####). The group provides food services to a wide range of customers in various sectors including business & industry, education, healthcare, sports & leisure, defence offshore and remo te site (DORS). It also offers support services such as cleaning, receptio n, housekeeping and laundry on a selective basis, primarily within the business & industry, healthcare, defence, offshore and remote site sectors. It is listed on t he London Stock Exchange, with no single shareholder owning more than ##% of the group s capital as of FYE####. ... 5/22/2008 4:23:27 PMpdfCompass Group PlcCompass Group Plc600036014300.0000AnalysisAnalysisPBC_109042Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/386874_report_framefitch/386874_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Compass Group plc803599495/19/2008 10:06:00 AM01000000010300000103010001030101165Credit UpdateCPG386874_report_frameCredit & Investment ResearchFitchResearchUK - In May ####, the board of Compass Group PLC, a Surrey-based provider of catering services, authorized the repurchase of up to ### mil British pounds ($###.## mil US) in cash, in open market transactions.5/15/2008 2:36:36 PM38505R38505R38505R38505RCompass Group PLCCompass Group PLCCompass Group PLCCompass Group PLChttp://www.alacrastore.com/storecontent/Thomson_M%26A/Compass_Group_PLC_buys_back_stock-1977649040sdc/19776490401977649040Copyright © 2008, Thomson Financial, All Rights ReservedRetail Trade-Eating and Drinking PlacesUnited KingdomEating places5812FFForeignPrivate5812:Eating places7011:Hotels and motels5812:Eating places7011:Hotels and motelsRetail Trade-Eating and Drinking PlacesUnited KingdomEating places5812FFForeignPrivate699402002Pvd catering svsPvd catering svsCashCash OnlyOrdinary Share699402002May 15 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.00000Compass Group PLC,headquartered in Chertsey,provides catering services andowns and operates hotels andrestaurants. The company wasfounded in 1941 as FactoryCanteens Ltd.Compass Group PLC, headquartered in Chertsey, providescatering services and owns and operates hotels andrestaurants. The company was founded in 1941 as FactoryCanteens Ltd.Compass Group PLC, headquartered in Chertsey, provides catering services and owns and operates hotels and restaurants. The company was founded in 1941 as Factory Canteens Ltd.1.000002.000003.000004.000005.000006.000007.00000Compass Group PLC,headquartered in Chertsey,provides catering services andowns and operates hotels andrestaurants. The company wasfounded in 1941 as FactoryCanteens Ltd.Compass Group PLC, headquartered in Chertsey, providescatering services and owns and operates hotels andrestaurants. The company was founded in 1941 as FactoryCanteens Ltd.Compass Group PLC, headquartered in Chertsey, provides catering services and owns and operates hotels and restaurants. The company was founded in 1941 as Factory Canteens Ltd.0.000000.000000.000000.00000NBritish Pound14 May 08Wed, 14 May 2008 00:00:00 ESTDate Announced: 05/14/2008Date Effective:BuybackNot Appl.0.000000.000000.000000.000000.000000.00000Price/Share0.00000400 British Pound400.000000.00000400 British Pound400.000000.000000.000000.000000.00000400.00000400 British Pound1.94500N400.000000.000000.000000.000000.000000.00000778.08000778.080000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.00000UK - In May 2008, the board ofCompass Group PLC, aSurrey-based provider ofcatering services, authorizedthe repurchase of up to 400mil British pounds ($778.08mil US) in cash, in openmarket transactions.UK - In May 2008, the board of Compass Group PLC, a Surrey-based provider of catering services, authorized the repurchase of up to 400 mil British pounds ($778.08 mil US) in cash, in open market transactions.UK - In May 2008, the board of Compass Group PLC, a Surrey-based provider of cateringservices, authorized the repurchase of up to 400 mil British pounds ($778.08 mil US) incash, in open market transactions.UK - In May 2008, the board of Compass Group PLC, a Surrey-based provider of catering services, authorized the repurchase of up to 400 mil British pounds ($778.08 mil US) in cash, in open markettransactions.UK - In May 2008, the board of Compass Group PLC, a Surrey-based provider of catering services, authorized the repurchase of up to 400mil British pounds ($778.08 mil US) in cash, in open market transactions.Intended0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Intended-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000005812:Eating places7011:Hotels and motels699402002United Kingdom5812ForeignPrivate5812:Eating places7011:Hotels and motels699402002United Kingdom5812ForeignPrivate778.08000400.00000778.08000400.00000Deal InformationThomson Financial Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/moodys/PR_155329_600036014moodys/PR_155329_600036014htmlGlobal Credit Research Announcement ## MAY #### Announcement: Compass Group Plc Moody's affirms Compass Group's Baa# ratings; outlook remains stable Approximately GBP#.# billion of long-term debt instruments affected Paris, May ##,...5/15/2008 12:44:24 AMhtmlCompass Group PlcCompass Group Plc600036014150.0000NewsAnnouncementPR_155329_600036014Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648109spcred/648109normThe latest News from S&Pglobal5/14/2008 10:28:06 AM100News648109United KingdomRestaurantsEurope, Middle East, AfricaGlobal IssuersCorporationsHealth CareHotel & GamingMedia & EntertainmentRetailNewsLONDON (Standard&Poor's) May 14, 2007--Standard&Poor's Ratings Services said today that its ratings on U.K.-based catering services provider Compass Group PLC (BBB+/Stable/--) are unaffected by the group's announced £400 million share buyback program, which will be implemented over the next 18 months. Although the share buybacks will temporarily increase the group's adjusted debt levels, we expect the group's free cash flows to cover a substantial portion of the funds consumed. As a result, we expect credit measures to remain in line with the ratings after the buybacks, with adjusted funds from operations to debt above 30% and adjusted debt to EBITDA of 2.5x or below. We also expect any potential acquisitions or further shareholder-friendly measures to beGBR20449X25301040 253010 2530 25Compass Group PLC349246EUROMIDAFRCPG@LNNEWSGLOBISSCORPHealthHotelMediaRetailCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/bir/479798bir/479798normCompass Group PLCMorrison Management Specialists Inc.Compass GroupForte PLCUnited KingdomRetail: Food service, and hospitality operations. Services: Operater of motels.58125813809970117221106219997211107224109IMCMPGY2/15/2008 6:26:00 AM479798Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/fitch/371250_report_framefitch/371250_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Compass Group plc803599492/7/2008 2:09:00 PM01000000010300000103010001030101150Credit UpdateCPG371250_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/403842_pr_framefitch/403842_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Compass Group plc803599492/1/2008 2:08:00 PM0100000001030000010301000103010175Press ReleaseCPG403842_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/spcred/627578spcred/627578normThe latest Summary from S&P1/25/2008 8:34:48 AMSummary175global627578United KingdomRestaurantsEurope, Middle East, AfricaGlobal IssuersCorporationsHealth CareHotel & GamingMedia & EntertainmentRetailSummaryThe ratings on U.K.-based Compass Group PLC reflect its leading position in the food-service market, its low capital requirements, and its relatively stable cash flows. These positive characteristics are offset partially by the competitive nature of the industry as well as the group's moderate financial profile. At the end of September 2007, total reported debt was £1.6 billion. With annual sales of £10.3 billion during the financial year ended Sept. 30, 2007, Compass remains the world's largest food-service provider. It retains sufficient scale to be competitive in this market and is about 10% larger than its closest competitor Sodexho Alliance S.A. (BBB+/Stable/A-2) as at respective fiscal year-end dates. The group's operations are relatively resilient against economic cycles, generating fairly stableGBR20449X25301040 253010 2530 25Compass Group PLC349246EUROMIDAFRCPG@LNSUMMARYGLOBISSCORPHealthHotelMediaRetailCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/63998cs/63998norm63998 Compass #H## Tearsheet Leading global diversified market positions.Recent disposal proceeds are being applied mainly to debt reduction.The near term focus is expected to remain mainly on organic growth.Restructuring is in the early...498YesC21Tearsheet1628tearsheets/premium481/17/2008 4:04:17 PM15063998Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/63286cs/63286norm1501/7/2008 10:05:00 PM63286 #### Euro Consumer Goods Outlook Heading into #### trading conditions are expected to remain challenging for the mass-market Euro consumer goods names, reflecting rising commodity costs, U.S. dollar weakness and an ongoing limited ability...2702YesD0Article1031631138510041542091163410116281051874corp478724821Sector OutlooksWe maintain our underweight recommendation on the Euro Consumer Goods sector heading into 2008, fuelled by significant uncertainty surrounding Cadbury Schweppes in the coming months and ongoing M&A event risk in the luxury segment.63286Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/COP_600036014moodys/COP_600036014htmlGlobal Credit Research Credit Opinion ## MAY #### Credit Opinion: Compass Group Plc Compass Group Plc United Kingdom Ratings Category Moody's Rating Outlook Stable Senior Unsecured Baa# Contacts Analyst Phone Yasmina Serghini/Paris...1/2/2008 8:20:00 PMhtmlCompass Group PlcCompass Group Plc600036014150.0000NewsCredit OpinionCOP_600036014Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_63112_600036014moodys/PR_63112_600036014htmlRating Action12/21/2007 11:46:24 AMGlobal Credit Research Rating Action ## DEC #### Rating Action: Compass Group Plc MOODYS CHANGES OUTLOOK ON COMPASS GROUP PLCS Baa# RATING TO NEGATIVE FROM STABLE London, December ##, #### -- Moodys Investors Service today changed...Compass Group Plc600036014150.00NewshtmlCompass Group PlcPR_63112_600036014Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/361686_report_framefitch/361686_report_framepdfAccor S.A.Carrefour S.A.Casino Guichard-Perrachon S.A.Compass Group plcJ. Sainsbury plcKoninklijke Ahold N.V.L'Oreal SALVMH Moet Hennessy-Louis Vuitton SAMETRO AGSodexho Alliance S.A.Tesco plc80359949803599648035996980360208803602098036059480360834803610568036130080362463804171798095523712/13/2007 2:05:00 PM0100000001030000010301000103010101030200010303000103030101032100250Special Report0120320121010121220125581201712040AHCPGMEOSBRYTSCO361686_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/358722_report_framefitch/358722_report_framepdfAccor S.A.Carrefour S.A.Casino Guichard-Perrachon S.A.Compass Group plcJ. Sainsbury plcKoninklijke Ahold N.V.L'Oreal SALVMH Moet Hennessy-Louis Vuitton SAMETRO AGSodexho Alliance S.A.803599498035996480360208803602098036059480360834803610568036130080362463804171798095523712/5/2007 10:06:00 AM0100000001030000010301000103010101030200010303000103030101032100250Special Report0120320121010121220125581201712040AHCPGMEOSBRYFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.358722_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/moodys/PR_145387_600036014moodys/PR_145387_600036014htmlRating Action12/1/2007 12:27:19 AMGlobal Credit Research Rating Action ## NOV #### Rating Action: Compass Group Plc Moody's changes Compass Group rating outlook to stable from negative Approximately GBP# billion of long-term debt instruments affected Paris, November...Compass Group Plc600036014150.0000NewshtmlCompass Group PlcPR_145387_600036014Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/594646spcred/594646norm8/3/2007 6:55:47 PMThe latest Full Report from S&PFull ReportREPURCHASED MODESTLY UPSIDE SCENARIO SECTOR MILITARY BRANDS PAYS DIFFER TRADITIONAL MATERIALLY BENEFIT INTENT EXPERIENCES DYNAMICS SUBSIDIZING MIDYEAR CONTINENTAL COMPASS GAAP RECONCILIATION NONCORE BUYBACKS MINORITY BUYBACK AMASS CYCLICAL EDUCATION FAIRLY ALLEVIATES ABSORBED FOOTPRINT PREPARING ADJUSTMENTS COMPARISON DISCONTINUED SECTION ENJOY ORDERING REFOCUS EBIT CREDITWORTHINESS OFFSHORE COMPETITOR RETAINS MARGINAL EXCEPTIONAL AMOUNTED PRIORITY PENSIONS CANTEEN OCCURS PENETRATION SPECIALIZED MULTIYEAR EDGE ARRANGEMENT VENDING REITERATED DOWNSIZE INTENSITY SPECIFIED UPGRADING ONAMA HEDGES DOWNSTREAM 2.4X TRAINING CONCESSIONS AWARENESS RENEWABLE REFOCUSING SEIYO INSTALLATION DOWNSIDE POINTS VENDORS CONSIDER STABILIZATION NURSING PREMISES CLOSEST DISTORTING NOTABLY KEYS FFO CYCLES EUR COLLECTIVELY LEISURE MONEY OPERATIONAL IFRS CALCULATING RETURNS UNUSED FOODSERVICE REPORTING HOSPITALS DENSITY BARRIERS SUPERVISING HEADROOM FOODS BEVERAGES RUN SSP NETTED ATTAIN START EXPERIAN UNDERPERFORMANCE REST WHEREAS SELECTA SITES STOOD PENSION BPS COREWorldwide leader in the food-service industry, with strong positions in Europe, Japan, and the U.S.; Relatively stable and predictable revenues and cash flow, because of established brands, long-term contracts, and high renewal rates; Generally good free cash flow generation, owing to low capital requirements; and Very diverse customer base. Limited price flexibility, given low barriers to entry and strong competition; Materially deteriorating operating performance in the U.K. over the past two years, although stabilizing recently; Exposure to food price fluctuations; and Moderate financial leverage policy. The ratings on U.K.-based Compass Group PLC reflect its leading position in the food-service market, its low capital intensity and low capital requirements, and its relatively stable cash flows. These positive characteristics are offset partiallyCompass Group PLC25301040 253010 2530 25GBRglobal180.00349246594646Credit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/594652spcred/594652norm8/3/2007 6:55:47 PMThe latest Summary from S&PSummaryREPURCHASED UPSIDE UNDERPERFORMANCE SELECTA GBP600 PENSION BENEFIT BPS CORE FAILS EXPERIENCES COMPASS GBP45 RECOVERED BUYBACKS BUYBACK SODEXHO CATERING FAIRLY EXPECT REFOCUS GBP772.5 GBP10 COMPETITOR RETAINS EXCEPTIONAL PENSIONS REACH VENDING GBP5.2 ONES INTENSITY 2.4X DOWNSIDE POINTS ORGANIC STABILIZATION SCHEME COMPLETES RESILIENT CLOSEST TROUBLED NOTABLY MATERIALIZE PRODUCING GBP474 FFO GBP500 CYCLES OPERATIONAL RETURNS ANTICIPATE UNUSED SIGNS HEADROOM EBITDA ATTAINThe ratings on U.K.-based Compass Group PLC reflect its leading position in the food-service market, its low capital intensity and low capital requirements, and its relatively stable cash flows. These positive characteristics are offset partially by the competitive nature of the industry as well as the group's moderate financial profile. With annual sales of about ú10 billion, Compass remains the world's largest food-service provider. It retains sufficient scale to be competitive in this market and is about 17% larger than its closest competitor Sodexho Alliance S.A. (BBB+/Stable/A-2). The group's operations are relatively resilient to economic cycles, producing fairly stable free cash generation given limited capital expenditures (about 2% of sales) and contract retention rates close to 95% in previous years.Compass Group PLC25301040 253010 2530 25GBRglobal100.00349246594652Credit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/588909spcred/588909norm7/5/2007 6:49:29 AMThe latest Summary from S&PSummaryREPURCHASED UPSIDE UNDERPERFORMANCE OPERATION RETURNED SELECTA GBP600 ENABLE PENSION BENEFIT CONSTANT CORE CONTINENTAL COMPASS GBP45 RECOVERED BUYBACKS BUYBACK SODEXHO CATERING FAIRLY REFOCUS GBP772.5 GBP10 COMPETITOR RETAINS EXCEPTIONAL PENSIONS REACH UNUTILIZED VENDING GBP5.2 ONES INTENSITY 2.4X FAILED DOWNSIDE POINTS ORGANIC STABILIZATION SCHEME COMPLETES RESILIENT CLOSEST TROUBLED MATERIALIZE GBP474 FFO GBP500 CYCLES OPERATIONAL RETURNS ANTICIPATE SIGNS CONCENTRATE HEADROOM EBITDA ATTAINThe ratings on U.K.-based Compass Group PLC reflect its leading position in the food-service market, the low capital intensity and capital requirements of its operation and the relative stability of its cash flows. These positive characteristics are partially offset by the competitive nature of the industry as well as the group's moderate financial profile. With continuing annual sales of about ú10 billion, Compass remains the world's largest food-service provider. It retains sufficient scale to be competitive in this market, remaining about 17% larger than its closest competitor Sodexho Alliance S.A. (BBB+/Stable/A-2). The group's operations are relatively resilient to economic cycles, with fairly stable free cash generation given limited capital expenditures (about 2% of sales) and contract retention rates close toCompass Group PLC25301040 253010 2530 25GBRglobal100.00349246588909Credit & Investment ResearchS&P Credit Research