The Brink?s Co.'s financial profile has strengthened with earnings improvement. We believe it will maintain a prudent financial policy that keeps performance and leverage consistent with the rating. Therefore, we raised our issuer credit rating to 'BB+' from 'BB'. We also assigned a 'BB' issue-level rating to the company's senior unsecured notes, with a recovery rating of '5'. The proposed issuance is leverage neutral. Brink's intends to use the net proceeds to repay its $400 million senior unsecured notes. The stable outlook reflects our belief that momentum in operating performance will continue over the next 1-2 years, resulting in leverage below 4x. The stable outlook reflects our expectation that Brink's will keep leverage below 4x, supported by earnings expansion from
