Leading global player 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 Very diverse customer base Limited price flexibility, given low barriers to entry and strong competition Exposure to food price fluctuations Moderate financial leverage policy The ratings on U.K.-based Compass Group PLC reflect its leading position in the food service industry, 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
