The ratings on ARAMARK Holdings Corp. (Holdings), the ultimate parent company of ARAMARK Corp., reflect Standard&Poor's Ratings Services' view that the company's financial risk profile will remain "highly leveraged," including 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 reduce leverage 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 continue to characterize ARAMARK's business risk profile as "satisfactory" and believe the company should continue to benefit from its satisfactory--though not dominant--positions in the competitive, fragmented markets
