Our ratings on Philadelphia–based ARAMARK Holdings Corp., (Holdings) the ultimate parent company of ARAMARK Corp., reflect its highly-leveraged financial profile and considerable cash flow requirements needed to fund its interest and capital expenditures. We believe ARAMARK benefits from good position in the competitive, fragmented markets for food and support services and uniform and career apparel. These positions have translated into a sizable stream of recurring revenues and healthy cash flow generation. We characterize ARAMARK's business risk profile as satisfactory and its financial risk profile as highly leveraged. For analytical purposes, we view ARAMARK and Holdings as one economic entity. ARAMARK generates relatively stable cash flows reflecting the company's leading, but not dominant, positions in two core markets: food and support
