The ratings primarily reflect Compass' strong competitive positions in the food-service market, as well as the good visibility and stability of its cash flow. These positive characteristics are partially offset by the group's acquisitive orientation. Sixty-four percent of Compass' sales (£7.3 billion, or $10.3 billion, in fiscal 2000) are generated by its global contract catering operations. Compass ranks among the top three players in this field in most of the countries where it operates. The company also provides food and related services under concession agreements at highway and roadside sites (14% of 2000 pro forma sales)--an area in which it is the U.K.'s largest player--as well as in airports and railway stations (12%). The remaining 10% of sales are derived
