Leading position within two business lines; Customer diversification and some geographic diversification; and Relatively stable revenues and cash flows. Significant debt burden and highly leveraged capital structure; Significant cash flow requirements to fund interest and capital expenditures; Aggressive growth strategy; and Highly competitive and fragmented industry conditions. Our ratings on Philadelphia–based ARAMARK Holdings Corp., (Holdings) the ultimate parent company of ARAMARK Corp., reflect its highly-leveraged financial profile and considerable cash flow requirements needed to fund its interest and capital expenditures. We believe ARAMARK benefits from good position in the competitive, fragmented markets for food and support services and uniform and career apparel. These positions have translated into a sizable stream of recurring revenues and healthy cash flow generation. We characterize
