Standard&Poor's Ratings Services' ratings on Richmond, Va.-based The Brink's Co. reflect its recognized brand name in the cash-in-transit (armored car) and cash management/logistics industry, established reputation for quality and reliability, good geographic and customer diversity, expanding service offerings, solid profitability, and moderate financial policies. Competitive and somewhat cyclical markets and sizable (but manageable) postretirement obligations offset these strengths. We characterize Brink's business profile as satisfactory and its financial profile as intermediate. Brink's estimates that it has a 19% share of the fragmented global secure logistics market. It's been in this business for more than 140 years, and has built a diversified base of long-time, established customers that include numerous leading financial and commercial institutions around the world. Over
