The ratings for Pittston Co. reflect the diversity of its operations and the solid profitability of its Brink's security (armored car and home security) businesses (the majority of operating profits), offset by the more volatile performance of its air freight business (BAX Global Inc.), which is being restructured, and the financial risk arising from weak performance and liabilities related to its coal operations. The Brink's business helps balance the volatile, but recently unprofitable, BAX Global air freight business, which has struggled in the past two years with lower U.S. revenues and higher costs. The BAX operation is one of two domestic integrated heavyweight air freight carriers, and both companies are struggling with volume and pricing issues. BAX Global provides North
