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, a diversified customer base, strong geographic coverage, solid track record, and intermediate financial profile. At June 30, 2007, Securitas had total debt of about Swedish krona (SEK) 15.6 billion (€1.7 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
