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 the group's acquisitive orientation and increasing pressure for higher shareholder returns. With sales of about £11.3 billion in fiscal 2003 (ended Sept. 30), Compass is the world's largest food-service provider. It is present in the contract, concession, and vending businesses. Its contract-catering operations accounted for about 68% of total sales; this is a field in which Compass ranks among the top three players in most countries where it operates. The group also provides food and related services under concession agreements (23% of fiscal 2003 sales) at motorway and roadside sites--an
