Securitas' credit metrics have weakened further than we previously anticipated in the first half year to June 30, 2012. Securitas' operating margin also weakened in the same period. We are therefore lowering our long-term corporate credit rating on Sweden-based security services provider Securitas AB to 'BBB' from 'BBB+'. The stable outlook reflects our view that Securitas will continue to benefit from robust free operating cash flow owing to its limited capital expenditures, while experiencing challenging economic conditions in its European markets. On Aug. 17, 2012, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Sweden-based security services provider Securitas AB to 'BBB' from 'BBB+'. At the same time, we lowered our Nordic national scale short-term rating on
