The rating on U.K.-based Compass Group PLC (Compass) reflects Standard&Poor's Ratings Services' view of the company's 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 by the company's intermediate financial risk profile. At the end of March 2010, total reported debt was £1.4 billion. With reported revenues of £13.4 billion in the year ended Sept. 30, 2009, Compass is one of the world's largest food and support services providers. 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
