Leading global player in the food services industry. Portfolio of established brands and high contract-retention rates. Strong profitability. Competitive and fragmented industry with relatively low barriers to entry and limited pricing flexibility. Track record of strong credit metrics. Solid free operating cash flow generation. Relatively stable and predictable revenues, margins, and cash flow due to low capital requirements. Strong liquidity position. Clearly stated financial policy that incorporate material shareholder returns that have helped manage stable credit metrics. The stable outlook reflects our view that Compass will be able to maintain its high contract-retention rates, gradual improvement in margins, and strong cash flow generation while maintaining adjusted FFO to debt above 40%, on average, over the next three years. We would
