The ratings on Sweden-based security services provider Securitas AB reflect Standard&Poor's Ratings Services' view of Securitas' business risk profile as "strong" and its financial risk profile as "significant." We assess Securitas' management and governance score as being "satisfactory" under our criteria. Securitas has ended financial year 2012 with flat organic growth and declining operating margins in most of its business segments, reflecting difficult operating conditions in its U.S. and Spanish markets. The integration of U.S. government contracts in the previous year has been more challenging than anticipated. In Spain, organic sales growth has also declined. (In the longer term, however, we anticipate that a reduction in low-margin Spanish contracts will improve the group's operating margin.) Securitas' Standard&
