The rating on The Brink's Co. reflects the diversity of its operations, the solid overall profitability of its armored car/cash management business and its home security business, and its historically moderate financial policies. Offsetting these strengths are sizable (but manageable and shrinking) liabilities associated with former coal operations and competitive markets. The rating also reflects the improvement in the company's business and financial profiles that resulted from the sale of its heavy-freight business, BAX Global, in January 2006, which eliminated exposure to a very cyclical and competitive business and enabled the company to significantly reduce debt obligations. The rating does not reflect the event risk associated with activist investors' calls for a change in the structure of the company, although
