Relatively stable revenues and cash flows; Good customer and geographic diversification; and Satisfactory market position, particularly in food and support services. Very aggressive financial policy; Highly leveraged capital structure requiring significant cash flow to fund interest expense and capital expenditures; Risk of future food cost inflation; and Uncertainty whether probable health care cost increases in 2014 can be passed along to customers. The ratings on the Philadelphia-based ARAMARK Holdings Corp. (Holdings), the ultimate parent company of ARAMARK Corp., reflect our view that the company's financial risk profile remains "highly leveraged," incorporating a very aggressive financial policy, continued high debt maturities, and considerable cash flow required to fund capital expenditures and pay interest costs. Although we believe the company has the
