The rating on Compass reflects Standard&Poor's Ratings Services' view of the group's leading global position in the food services industry, a position it maintains with a geographically diverse portfolio of well-established brands. As a result of high contract retention rates, Compass benefits from better-than-average visibility on its earnings and cash flows. The group also enjoys low capital requirements and a highly flexible cost base, which add further stability to its cash generation. Compass' operating performance remains strong, with rolling-12-month revenues of £15.2 billion on March 31, 2011, up 11.9% from the same period in the prior year. Additionally, Compass recently completed a $1 billion private placement to refinance debt maturing in May 2012. The group had Standard&
