The ratings primarily reflect Compass Group PLC's strong positions in the food-service market, as well as the predictability and stability of the group's cash flow. These positive characteristics are partially offset by the company's acquisitive orientation. Sixty-three percent of Compass' sales (£8.7 billion ($12.3 billion) in fiscal 2001, ending in September) are generated by its contract catering operations. Compass ranks among the top three players in this field in most countries where it operates. The company also provides food and related services under concession agreements at motorway and roadside sites (11% of first-half fiscal 2001 sales)--an area in which it is the U.K.'s largest player--as well as airports and railway stations (15%). The remaining 11% of sales are derived from
