Leading market position in core businesses Geographic diversification Strong track record of integrating acquisitions Good free operating cash flow generation Stretched balance sheet due to debt-financed acquisitions Competitive and fragmented markets, especially in the U.S. security services markets The ratings on Sweden-based security services company Securitas AB reflect its position as the world leader in the security services market, its diversified customer base, strong geographic coverage, a solid track record, and its intermediate financial profile. At Sept. 30, 2006, Securitas had total debt of about Swedish krona (SEK) 16.8 billion, excluding operating lease commitments and postretirement liabilities. In September 2006, Securitas distributed its security system and alarm divisions to existing shareholders by way of a dividend, and its cash-handling division
