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 its moderate financial profile. At Dec. 31, 2003, Securitas had net debt of about Swedish krona (Skr) 11.0 billion ($1.5 billion). 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
