U.S.-based Aramark is seeking to refinance its senior secured credit facilities and the remainder of its senior unsecured notes due 2020. The transaction is leveraged neutral. The company's profitability and credit ratios are generally in line with our expectations, and we expect continued satisfactory operating performance, which should lead to further improvement in its credit ratios. We are raising our corporate credit rating on Aramark to 'BB+' from 'BB' and our issue-level rating on the company's existing senior unsecured debt to 'BB+' from 'BB-' and revising the recovery rating on the debt to '4' from '5'. We are also assigning our 'BBB-' issue-level and '1' recovery ratings to the company's proposed $3.6 billion senior secured credit facility and affirming our
