The ratings on Sweden-based Securitas AB reflect the company's position as the world leader in the security services market, its diversified customer base, strong geographical coverage, a solid track record, and a moderate financial profile. Although slowly consolidating, the security service industry is highly fragmented, and Securitas, which is the market leader in both Europe and North America, has less than 10% of the world market. Securitas is expected to continue growing both organically and through acquisitions. Its successful track record of buying low-margin operations and turning them into growing and more profitable businesses supports the ratings. Securitas' strong geographical coverage, a broad product base, strong brand names, and a highly diversified customer base are other positive ratings factors. The
