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 and high retention rates. Generally good free cash flow generation, owing to low capital requirements. Very diverse customer base. Highly competitive and fragmented sector with low margins. Some exposure to fluctuations in food prices and wage inflation. Moderate financial leverage policy. The rating on U.K.-based Compass Group PLC (Compass) reflects Standard&Poor's Ratings Services' view of the company's leading position in the food service industry, its low capital requirements, and its relatively stable cash flows. These positive characteristics are partially offset by the competitive nature of the industry, as well
