The ratings for Pittston Co. reflect the diversity of its operations; 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 the 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 and until 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. Both companies have struggled with volume and pricing issues and responded by reducing air
