Leading market position in core businesses and flexible cost base. Strong geographic and customer diversification. Strong track record of integrating acquisitions. Good free operating cash flow generation. Continued stretched balance sheet due to debt-financed acquisitions in the past. Competitive and fragmented markets, with constant price pressure. The ratings on Sweden-based security services provider Securitas AB reflect Standard&Poor's Ratings services' view of the group's position as the world leader in the relatively recession-resilient security services market, its flexible cost base, diversified customer base, strong geographic coverage, and solid track record. These strengths are offset to a degree by Securitas' intermediate financial risk profile and the competitive nature of the group's markets. Demand for security services is relatively resilient, despite
