The rating on Compass reflects Standard&Poor's Ratings Services' view of the group's strong business risk profile and 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 strong cash flow generation. Compass' operating performance remains strong with year-ended Sept. 30, 2011, revenues up 9.4% from £14.5 billion for the year-ended Sept. 30, 2010, and operating margins at healthy levels. Funds from operations (FFO) at £1.2 billion were up 13% from
