Sweden-based security services provider Securitas AB reported a stable operating performance and solid cash flow generation in 2018, thanks to strong organic growth and consolidation of acquisitions. Although the group's financial policy provides flexibility for further acquisitions, we expect they will focus on strengthening core credit metrics while investing prudently and maintaining a consistent dividend policy. We are therefore revising the outlook on Securitas to positive from stable and affirming our 'BBB/A-2' ratings on the company. We are also affirming our 'K-2' Nordic national scale short-term rating on Securitas. The positive outlook reflects our view that Securitas will maintain steady organic growth of 3%-5% over the next two years, achieving funds from operations to debt of 33%-35% and S&P Global
