Strong market positions in core businesses; Moderate financial policies; Good growth prospects in home security business; Stable armored car/cash management business; and Good track record and reputation for quality and reliability. Sizable (but manageable and shrinking) liabilities (including postretirement obligations) associated with former coal business; Competitive end markets; and Increased pressure from activist shareholder groups. The rating on The Brink's Co. reflects the diversity of its operations, the solid overall profitability of its armored car/cash management business and its home security business, and its historically moderate financial policies. Offsetting these strengths are sizable (but manageable and shrinking) liabilities associated with former coal operations and competitive markets. The rating also reflects the improvement in the company's business and financial profiles that
