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Moody's rates Aramark SGL-2
Moody's Investors Service said it assigned Aramark Corp. an SGL-2 speculative grade liquidity rating.
The agency said free cash flow is expected to be modestly positive over the next four quarters but the company has a $600 million committed revolver that matures in 2013 and ample headroom under the financial covenant in its credit facility.
The company repaid about $500 million in secured credit debt since the closing of the buyout, according to Moody's. The repayment reflects normal seasonal cash flow generation as well as $285 million in net proceeds from the sale of its interest in SMG, the agency said.
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