The ratings for Pittston Co. reflect the diversity of its operations and the solid profitability of its Brink's armored car and home security businesses, offset by the more volatile and currently depressed performance of its BAX Global airfreight business. Ratings also reflect the company's moderate financial risk profile, offset somewhat by challenges associated with liabilities related to noncore coal operations. The Brink's armored security business (43% of revenues; 51% of EBITDA) is a leader in its industry and is continuing to grow, reflecting continued outsourcing trends and increasing demand for value-added services, such as automated teller machine servicing. In addition, Pittston has substantially increased its ownership share of profitable European affiliates. The Brink's home security business (7% of revenues; 38%
