On Nov. 4, 2008, Standard&Poor's Ratings Services lowered its ratings on The Brink's Co., including the corporate credit rating to 'BBB' from 'BBB+', and removed them from CreditWatch, where they were placed with negative implications Feb. 25, 2008. The outlook is stable. The rating action follows our review of the impact on Brink's of its spin-off of Brink's Home Security (BHS) into a separate, publicly traded company in a tax-free stock distribution to shareholders. The transaction was completed on Oct. 31, 2008. We lowered the corporate credit rating because of the loss of diversity and the reduced cash flow and earnings that will result from the spin-off. The revised rating on Brink's reflects its recognized brand name, established
