U.S.-based ARAMARK Holdings Corp. has commenced preparations for a potential initial public offering (IPO). Typically, we view IPOs as credit-positive because publicly traded issuers generally exercise less aggressive financial policies than issuers that are owned by private equity sponsors. We are placing all of our ratings on the foodservice operator, including the 'B+' corporate credit rating, on CreditWatch with positive implications. On Aug. 8, 2013, Standard&Poor's Ratings Services placed all of its ratings on Philadelphia-based ARAMARK Holdings Corp., including the 'B+' corporate credit rating, on CreditWatch with positive implications. This means we could either raise or affirm the ratings following the IPO. Total debt outstanding was about $6.2 billion as of June 28, 2013. The CreditWatch placement follows
