Pittston Co.'s (BBB/Stable/--) announcement of first-quarter 2002 earnings has no effect on Standard&Poor's rating or outlook on the company. While revenue declined slightly, operating income, after depreciation, was $37 million, up from $25 million in the same period of 2001, as the various Brink's security services business more than offset a slightly larger loss at air freight provider BAX Global. The rating benefits from Pittson's diversity of businesses. During the quarter, revenue growth in each of the Brink's security services units was offset by a reduction in revenues at BAX Global from difficult global market conditions. BAX Global continues to face challenging conditions and although costs have been reduced, improved market conditions will likely be necessary to return
