On Oct. 29,.2008, Standard&Poor's Ratings Services stated that its ratings on The Brink's Co. remain on CreditWatch, where they were placed with negative implications on Feb. 25, 2008, following the company's announcement that it planned to spin off its home security business in a tax-free stock distribution to shareholders. We have reviewed the impact of the proposed spinoff and have determined that we expect to lower the corporate credit rating one notch, to 'BBB' from 'BBB+', to reflect the loss of diversity and the reduced cash flow and earnings stream that will result from the spinoff. The spinoff is expected to occur at the end of October 2008. We expect to assign a stable outlook to the revised
