...- Richmond, Va.-based The Brink's Co., a cash-in-transit and security-related services provider that generated $3.7 billion of revenue in the last-12-months ended March 31, 2020, could see double-digit organic revenue declines and a meaningful reduction in profitability. - We now expect funds from operations (FFO) to debt to fall materially below our 20% downgrade trigger in 2020, and make it unlikely that the ratio will return above the threshold in 2021. - Accordingly, we are lowering the issuer credit rating on Brink's to '##' from '##+' and our issue-level rating on the unsecured notes due 2027 to '##-' from '##'. Our '5' recovery rating is unchanged. - The stable outlook reflects our expectations that following weakness in 2020 due to the COVID-19 outbreak, revenue and EBITDA should continue to gradually recover in 2021, resulting in FFO to debt in the mid-to-high-teens and leverage around 4x....
