Richmond, Va.-based The Brink's Co. intends to purchase the majority of G4S PLC's cash operations business for $860 million in a mostly debt-financed acquisition, with initial funding sourced from borrowings under the credit facility. We are revising our outlook on Brink's to negative from stable and are affirming our 'BB+' issuer credit rating. At the same time, we are affirming our 'BB' issue-level rating on the company's unsecured notes due 2027. Our '5' recovery rating remains unchanged. The negative outlook reflects the risk that Brink's funds from operations (FFO)-to-debt ratio will remain below our 20% downside threshold over the next 12-18 months as the company seeks to fully integrate the acquisition and improve its cost efficiency while continuing to pursue
