(Editor's note: The summary on The Brink's Co. published June 11, 2004, misstated the underfunded pension amount at year-end 2003 and referred to the wrong year in describing the financial profile deterioriation. A corrected version follows.) 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
