Leading market positions in core businesses and flexible cost base. Strong geographic and customer diversification. Strong track record of integrating acquisitions. Stretched balance sheet due to debt-financed acquisitions. 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 Securitas' business risk profile as "strong" and its financial risk profile as "intermediate." In financial year 2011, Securitas' operating margins declined in all of its business segments. This decline was most visible in Security Services Europe, which lost several contracts early in the year due to price pressure. The group also raised additional debt to finance a higher number of acquisitions in 2011 than in prior years,
