Securitas reported stable operating performance in 2017 and continues to invest in its high-margin technology offering, which is driving growth and deleveraging. Although we expect Securitas' funds from operations (FFO) to debt will gradually improve and remain above 30% in coming years, debt could rise if management engages in acquisitions to expand its offering and bolster growth. We are affirming our 'BBB' long-term issuer credit and senior unsecured debt ratings on Securitas. The stable outlook reflects our view that Securitas will maintain steady organic growth, as the revenue contribution from its security solutions and technology increase, and strong FFO to debt levels, providing the group with financial flexibility under the current ratings. On May 21, 2018, S&P Global Ratings affirmed
