Ratings on The Brink's Co. (formerly known as The Pittston Co.) reflect the diversity of its operations and the solid profitability of its armored car and cash management business and its home security business, tempered by the more volatile and currently depressed performance of its BAX Global airfreight business. Ratings also reflect the company's moderate financial policies, offset somewhat by challenges associated with liabilities related to former coal operations, including postretirement benefit obligations. Brink's armored security and cash management business (42% of revenues) is a leader in its industry. International operations in this segment have been constrained by weak economic conditions in key European and South American markets, but are beginning to show improvement. Over the longer term, this business
