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Bulletin: Rating On U.K.-Based Compass Group Unaffected By News Of ?500 Million Share Buyback Nov 11
Standard & Poors, Nov 2011
Abstract
LONDON (Standard & Poor's) Nov. 23, 2011--Standard & Poor's Ratings Services said today that its rating and outlook on U.K.-based food services company Compass Group PLC (Compass; A-/Stable/--) are unaffected by the announcement that Compass' board of directors has approved a -500 million share buyback program to be implemented over the next 12 months. In our view, this program can be accommodated within the current rating due to the group's financial flexibility and conservative financial policy, which we forecast will continue. We envisage that Compass' credit measures will remain commensurate with the current rating, with Standard & Poor's-adjusted funds from operations to debt of about 40% and adjusted debt to EBITDA of about 2x....
Companies mentioned in this report are: Compass Group PLC
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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