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. Weak economic growth in the European market Track record of strong credit metrics. Solid free operating cash flow (FOCF) 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 view a further upgrade as unlikely in the absence of the company's commitment to a strengthened financial policy. We could consider lowering the ratings if Compass were to adopt a
