Standard&Poor's Ratings Services ratings on Philadelphia–based ARAMARK Holdings Corp. (Holdings), the ultimate parent company of ARAMARK Corp., reflect its highly leveraged financial risk profile, satisfactory business risk profile, and considerable cash flow required to fund capital expenditures and pay interest costs. We believe ARAMARK benefits from its 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. ARAMARK generates relatively stable cash flows that result from the company's leading but not dominant positions in two core markets: food and support services, and uniform and career apparel. The company's business portfolio affords significant customer diversification, although
