We believe that Securitas' security services business, which generated over SEK110 billion in revenues in 2019, will maintain stable credit metrics during the COVID-19 pandemic. However, we no longer expect the company's funds from operations (FFO) to debt to increase and stay above 35% over the next two years in the more challenging economic environment resulting from the pandemic. We are therefore revising our outlook on Securitas to stable from positive and affirming our 'BBB/A-2' issuer credit ratings and 'K-2' Nordic regional scale short-term rating on the company. The stable outlook reflects our expectation that Securitas will sustain its credit metrics, including FFO to debt in the low 30% range, despite the currently difficult operating conditions. The stable outlook reflects
