Leading position as an independent airline caterer, underpinned by widespread geographic coverage. Flexible cost structure, which provides resilience in operations. Low capital requirements. Highly indebted capital structure. Exposure to the cyclical and price-competitive commercial airline industry. High customer concentration and weakening customer credit quality. Limited bargaining power with customers, resulting in tight and sensitive operating margins. The rating on Switzerland-based provider of products, services, and solutions to airline passengers, gategroup Holding AG (gategroup), reflects our assessment of the company's business risk profile as "fair," and its financial risk profile as "significant." In our view, the financial risk profile is constrained by gategroup's highly indebted capital structure and risks related to gategroup's continuing acquisitive growth strategy, which we believe may weigh
