The Brink's Co. has recently completed a large acquisition and is in the process of completing a second, both of which are primarily debt-financed, and we expect weaker credit metrics to result. Therefore, we are lowering our corporate credit rating on Brink's to 'BB+' from 'BBB-' and removing all of the ratings from CreditWatch, where they were placed with negative implications on July 14, 2017. At the same time, we are lowering our issue-level rating on the company's $525 million revolving credit facility to 'BB+' from 'BBB-' and assigning a '3' recovery rating. We are also assigning a 'BB' issue-level rating to the company's proposed $500 million senior unsecured notes issuance, with a recovery rating of '5', based on the
