Fitch Rates ARAMARK's $300MM Notes 'BBB-'.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 21, 2002 Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has assigned a 'BBB-' rating to ARAMARK Services, Inc. $300 million senior note offering, proceeds of which will be used to repay the revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. ARAMARK Corporation (ARAMARK) fully and unconditionally guarantees these notes, which are due in 2008. At the same time, Fitch has affirmed the 'BBB-' rating on about $2 billion of outstanding senior debt. The Rating Outlook is Stable. ARAMARK's food and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services and uniform rental operations have continued to perform well despite a difficult economy. In addition, the integration of ServiceMaster's Management Services, acquired on Nov. 30, 2001, is essentially complete. While the company continues to engage in additional small tuck in acquisitions, and modest stock repurchases Stock repurchase A firm's repurchase of outstanding shares of its common stock. , Fitch expects minimal impact on credit protection measures. |
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