Leading global player in the food service industry. Portfolio of established brands and high contract retention rates. Competitive and fragmented industry with low entry barriers and limited price flexibility. Economic uncertainty in the European market. Track record of strong credit metrics. Solid free operating cash flow generation. Relatively stable and predictable revenues, margins, and cash flows due to low capital requirements. "Strong" liquidity position. The stable outlook reflects our view that Compass will maintain its solid operational performance and conservative financial risk policy in the medium term. We could consider lowering the ratings if Compass were to adopt a more shareholder-friendly strategy and/or show an appetite for material debt-financed acquisitions that would have a detrimental effect on the group's financial
