On April 16, 2007, Standard&Poor's Ratings Services revised its outlook on The Brink's Co. to negative from stable. The outlook change reflects the likelihood of a downgrade of the rating if calls by certain activist investor groups (including Pirate Capital and MMI Investments, which each currently hold about 8% of the common stock of the company) result in a split-up or other material change to the business or financial profile of the company. The 'BBB+' corporate credit rating was affirmed, reflecting Brink's current business and financial profile. Pirate Capital and MMI Investments have amassed a material ownership percentage in Brink's and are now calling for the company to split up its two businesses. We believe such an action
