The ratings on U.K.-based Compass Group PLC reflect its leading position in the food service industry, its low capital requirements, and its relatively stable cash flows. These positive characteristics are partially offset by the competitive nature of the industry as well as the company's moderate financial profile. At the end of September 2008, total reported debt was £2.1 billion. With reported revenues of £12.8 billion in the 12 months ended March 31, 2009, Compass is the world's largest food service provider. It retains sufficient scale to be competitive in this market and was about 13% larger than its closest competitor, Sodexo (BBB+/Stable/A-2), at the two firms' respective financial year-end dates for 2008. Compass' operations are relatively resilient against economic cycles,
