Largely predictable, recurring revenue streams; Favorable industry growth prospects; and Internal sales model, reducing reliance on debt. Narrow business focus on with niche market; Highly competitive market, with attrition rates targeted in the low teens; and Leveraged financial profile. The ratings on Lawrence, Kan.-based Protection One Alarm Monitoring Inc. reflect the company's modest presence in the highly competitive U.S. security alarm industry, declining revenues, and leveraged financial profile. These partly are offset by a largely recurring revenue base and the expectation for continued positive free operating cash flow generation. With annual revenues of approximately $265 million, Protection One is a second-tier provider of property monitoring services, providing sales, installation, and maintenance of security alarm systems to approximately 1 million residential
