PARIS (Standard&Poor's) Sept. 10, 2004--Standard&Poor's said today that its rating and outlook on Compass Group PLC (Compass; BBB+/Stable/--) remain unchanged following the company's announcement that its forecast operating profit is to be adjusted downwards by £30 million (less than 3% of EBITDA) and that it will require extra working capital of about £200 million in full-year 2004. The £30 million adjustment will be used to address four isolated business issues, none of which suggest material deterioration of Compass's business. In terms of the extra working capital, £100 million is associated with the strong growth of the company's defense, offshore, and remote site business, while the other £100 million is due to lower supplier credit terms. Although
