The ratings on U.K.-based Compass Group PLC reflect our view of 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 2009, total reported debt was £1.6 billion. With reported revenues of £13.4 billion in the year ended Sept. 30, 2009, Compass is the world's largest food service provider. It retains sufficient scale to be competitive in this market and was about the same size as its closest competitor, Sodexo (BBB+/Stable/A-2), at the two firms' respective financial year-end dates for 2009. Compass' operations are relatively resilient
