Ratings on The Brink's Co. reflect the diversity of its operations, the solid overall profitability of its armored car/cash management business and its home security business, and its moderate financial policies, offset somewhat by challenges associated with liabilities related to former coal operations, including postretirement benefit obligations. Ratings also reflect the improvement in the company's business and financial profiles following the sale of its freight business, BAX Global, which occurred earlier this year. The sale eliminated the company's exposure to a very cyclical and competitive business and enabled it to significantly reduce debt obligations. Brink's armored security and cash management business (85% of revenues) is the world's largest provider of such services. The company benefits from a well-established name, solid
