A significant percentage of revenues are recurring; and The alarm monitoring industry has favorable growth expectations over the intermediate term. A highly levered financial profile; A second-tier position in a highly competitive and fragmented market; A depressed housing market. The ratings on Protection One Alarm Monitoring Inc. (PONE) reflect the company's highly leveraged financial profile and second-tier position in the highly competitive and fragmented U.S. security alarm monitoring industry. A weak economic environment, which has weakened the residential security alarm market, further compounds these factors. PONE's largely recurring revenue base and adequate liquidity partly offset those challenges. PONE provides electronic security alarm monitoring services to residential, commercial, and wholesale markets. As of Sept. 30, 2009, the company served about 1.8
