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 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 had been constrained (although they remained solidly profitable) by weak economic conditions in key European and South American markets, but are now showing significant improvement. Over the
