The rating reflects U.K.-based Compass Group PLC's leading positions in the food-service market, as well as the stability and predictability 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 £11.8 billion ($22.3 billion) in fiscal 2004 (ended Sept. 30), Compass is the world's largest food-service provider, present in the contract, concession, and vending businesses. In contract catering, which accounted for about 67% of total group sales, Compass ranks among the top three players in most countries where it operates. The group also provides food and related services under concession agreements (24% of fiscal 2004 sales) at motorway and roadside sites--an area in which
