The ratings on U.K.-based Compass Group PLC reflect its leading position in the food-service market, its low capital requirements, and its relatively stable cash flows. These positive characteristics are offset partially by the competitive nature of the industry as well as the group's moderate financial profile. At the end of September 2007, total reported debt was £1.6 billion. With annual sales of £10.3 billion during the financial year ended Sept. 30, 2007, Compass remains the world's largest food-service provider. It retains sufficient scale to be competitive in this market and is about 10% larger than its closest competitor Sodexho Alliance S.A. (BBB+/Stable/A-2) as at respective fiscal year-end dates. The group's operations are relatively resilient against economic cycles, generating fairly stable
