S&P lifts Aramark

Standard & Poor's said it raised all of the ratings on Aramark Holding Corp. and subsidiary, Aramark Corp., by multiple notches, and removed all ratings from CreditWatch, where it was placed with positive implications in August.

The agency also said it raised the corporate credit rating to BB from B+.

The outlook is stable.

S&P also said it raised the rating on Aramark's senior secured debt to BBB- from BB- and revised the recovery ratings to 1 from 2, which indicates 90% to 100% expected default recovery.

The agency also said it raised the rating on Aramark's senior unsecured debt to BB- from B- and revised the recovery rating to 5 from 6, which indicates 10% to 30% expected default recovery.

The upgrade is based on improved credit measures, S&P said.

Aramark will maintain a more moderate financial policy as a publicly traded company, notwithstanding its majority ownership by a group of private-equity firms, the agency said. Publicly traded companies tend to exercise less aggressive financial policies than firms owned entirely by private-equity interests, S&P said.

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