The ratings on The Brink's Co. reflects its recognized brand name, established reputation for quality and reliability, good geographic and customer diversity of its remaining armored car and cash management business, solid profitability, and moderate financial policies. Offsetting these strengths are competitive markets and sizable (but manageable and shrinking) liabilities associated with former coal operations. Brink's completed the spin-off of Brink's Home Security (BHS) into a separate, publicly traded company in a tax-free stock distribution to shareholders on Oct. 31, 2008. Standard&Poor's Ratings Services lowered its corporate credit rating on Brink's following the completed transaction because the spin-off will result in a loss of diversity and reduced cash flow and earnings. Brink's armored security and cash management business
