On Feb. 9, 2006, Standard&Poor's Ratings Services affirmed its 'BBB+/A-2' corporate credit ratings on Sweden-based security services company Securitas AB. The outlook is stable. This follows Securitas' announced proposal to distribute its security system, alarm, and cash-handling divisions to existing shareholders by way of a dividend. The transactions, which require shareholder approval, are expected to be completed in September 2006. These divisions account for about one-third of Securitas' total sales and earnings. The ratings affirmation is based on our view that the divestments will have a neutral effect on Securitas' overall credit quality. From a business risk perspective, Securitas will retain a wide customer and geographical diversity in its main security services operations, which also carry a lower
