On Feb. 25, 2008, Standard&Poor's Ratings Services today placed its ratings on The Brink's Co., including the 'BBB+' corporate credit rating, on CreditWatch with negative implications. The CreditWatch placement follows the company's announcement that its board of directors has decided to spin off the Brink's Home Security unit (BHS) into a separate, publicly traded company. Brink's expects to complete the spin-off in a tax-free stock distribution to shareholders in the fourth quarter of 2008. Upon completion of the transaction, shareholders of The Brink's Co. will hold shares of two stand-alone, publicly traded companies. The proposed transaction will result in a loss of diversity and reduced cash flow and earnings streams for each company after the spin-off. While it
