...- We believe Aramark's food concession-based businesses will experience weak demand through fiscal 2021 compared to pre-coronavirus levels, resulting in adjusted leverage sustained above 5x over the next 18 months. - S&P Global Ratings is lowering all ratings on the U.S.-based company, including our issuer credit rating to '##-' from '##', our senior secured debt rating to '##+' from '###-', and our senior unsecured debt rating to 'B+' from '##-'. The recovery ratings are unchanged, including the '1' senior secured (90%-100% recovery; rounded estimate 95%) and '5' (10%-30% recovery; rounded estimate: 10%) senior unsecured ratings. - We are removing all of our ratings from CreditWatch, where we placed them with negative implications on March 24, 2020. - The stable outlook reflects our expectation that Aramark will sustain strong liquidity and generate positive free cash flow in 2021, enabling the company to weather tough but gradually improving demand conditions over the next year. This...
