Leading market positions in core businesses; Diversified business mix and customer base; Moderate financial policies; and Good track record and reputation for quality. Sizable liabilities associated with coal business; Competitive end markets; Vulnerability to economic pressures in certain segments; and Underperforming (albeit improving) air freight operation; and Capital intensity of certain business segments. The ratings for Pittston Co. reflect the diversity of its operations and the solid profitability of its Brink's armored car and home security businesses, offset by the more volatile and currently depressed performance of its BAX Global airfreight business. Ratings also reflect the company's moderate financial risk profile, offset somewhat by challenges associated with liabilities related to its former coal operations. The Brink's armored security business (43%
