U.S.–based Aramark's financial sponsor group has exited its equity investment in the company, and the company is now primarily owned by the public. As a result, we no longer view Aramark as financial sponsor-controlled. We forecast the food concessions operator will strengthen credit measures thanks to new business wins, strong retention rates, investments to enhance productivity, lower expected food cost inflation, and debt repayment, despite slowing global growth. We are affirming all of our ratings on the company, including our 'BB' corporate credit rating, 'BBB-' senior secured debt rating, and 'BB-'senior unsecured debt rating. The stable outlook reflects our forecast that profitability and cash flow will grow modestly, which should enable the company to reduce debt and improve debt to
