The 'BBB+' corporate credit rating on The Brink's Co. remains on CreditWatch, where it was placed with negative implications on Feb. 25, 2008. The CreditWatch placement followed the company's announcement of its plans to spin off its Brink's Home Security unit (BHS) into a separate, publicly traded company in a tax-free stock distribution to shareholders in the fourth quarter of 2008. Upon completion of the transaction, shareholders will hold shares of two stand-alone, publicly traded companies. The proposed transaction will result in a loss of diversity and reduced cash flow and earnings stream for each company after the spin-off. As a result, it is likely that the stand-alone financial and business profile of each would be weaker than for the
