The Brink's Co. (Brink's) continues to experience significant competition in its North American business. While the company is addressing these pressures through cost-cutting and marketing initiatives, we believe it will take at least a year for the benefits of these initiatives to be reflected in Brink's operating performance. As a result, we expect the company's credit metrics to remain weaker than previously expected over the coming year. We are lowering our corporate credit rating on the company to 'BBB-' from 'BBB'. The stable outlook reflects our expectation that Brink's will be able to bolster its competitiveness in the North American market, but that it will take some time for this to happen and for its operating performance to improve materially.
