The Brink's Co.'s credit metrics are weak, primarily because of competition in North America and a charge the company took earlier this year in conjunction with the devaluation of the Venezuelan bolivar. We are affirming our 'BBB-' corporate credit rating on Brink's. We are also withdrawing our 'BBB-' rating on the company's Peninsula Ports Authority Dominion Terminal Associates bond. The stable outlook reflects our expectation that Brink's credit metrics will improve over the next two years as the company benefits from ongoing restructuring and investment activities in North America, though we do not believe the improvement will be sufficient to warrant an upgrade during that time. On Oct. 23, 2014, Standard&Poor's Ratings Services affirmed its 'BBB-' corporate credit
