On June 23, 2003, Standard&Poor's Ratings Services affirmed its 'BBB' corporate credit and senior unsecured debt ratings on The Brink's Co. (formerly The Pittston Co.) and removed the ratings from CreditWatch, where they were placed April 15, 2003, on concerns over the level of the company's unfunded postretirement benefit liabilities. The outlook is now stable. The rating action followed completion of a review of the impact of these liabilities on Brink's credit quality. Standard&Poor's believes that these obligations, although sizable, are manageable and should not prevent the company from improving its financial profile over the next few years. The Richmond, Va.-based company, which operates armored car/cash management, home security, and heavyweight airfreight businesses, has about $800
