Leading market position in core businesses Geographical diversification Strong track record of integrating acquisitions Good free operating cash flow generation Stretched balance sheet due to debt-financed acquisitions Competitive U.S. security services markets The ratings on Sweden-based Securitas AB reflect the company's position as the world leader in the security services market, its diversified customer base, strong geographical coverage, a solid track record, and its moderate financial profile. At Sept. 30, 2004, Securitas had net debt of about Swedish krona (Skr) 12.0 billion ($1.7 billion; including estimated amounts used under its asset securitization program). Demand for security services is moderately cyclical. Although slowly consolidating, the industry is highly fragmented, and Securitas, which is the market leader in both Europe and North
