The ratings on the Philadelphia-based ARAMARK Holdings Corp. (Holdings), the ultimate parent company of ARAMARK Corp., reflect our view that the company's financial risk profile remains "highly leveraged," incorporating a very aggressive financial policy, continued high debt maturities, and considerable cash flow required to fund capital expenditures and pay interest costs. Although we believe the company has the capacity to meaningfully improve credit ratios over time, we see the potential for another significant debt-financed shareholder distribution or other leveraging event in the future. This is currently a constraining rating factor. We characterize ARAMARK's business risk profile as "satisfactory" and believe the company benefits from its satisfactory--though not dominant--positions in the competitive, fragmented markets for food and support services and uniform
