The ratings on Sweden-based Securitas AB reflect the company's position as the world leader in the security services market, diversified customer base, strong geographical coverage, solid track record, and moderate financial profile. Although slowly consolidating, the security services 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. The company's successful track record of buying low-margin operations and turning them into growing and more profitable businesses supports the ratings. Securitas' strong geographical coverage, broad product base, strong brand names, and highly diversified customer base are other positive ratings factors. The security industry is moderately
