The rating reflects Compass Group PLC's leading positions in the food-service market, as well as the predictability and stability of its cash flow. These positive characteristics are partially offset by Compass' acquisitive orientation. The group's contract-catering operations generated about 65% of its £5.5 billion ($8.9 billion) total sales in the first half of fiscal 2003 (ended March 31). Compass ranks among the top three players in this field in most countries where it operates. The group also provides food and related services under concession agreements at motorway and roadside sites (7% of first-half fiscal 2003 sales)--an area in which it is the U.K.'s largest player--as well as airports and railway stations (18%). Compass' vending-machine business, the global leader, produced the
