The ratings on U.K.-based Compass Group PLC reflect its leading positions in the food-service market, as well as the predictability and relative stability of its cash flow. These positive characteristics are partially offset by the competitive nature of the industry, as well as the group's significant underperformance in its key U.K. market and moderate financial profile. On June 15, 2006, the group announced that it had completed the sale of its travel concession business. Out of the related £1.6 billion net proceeds, the group will gradually return £500 million to shareholders through share buybacks, £143 million has been spent on acquiring the 51% of Levy Restaurants that Compass did not already own, £275 million will be contributed to the group's
