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 March 31, 2004, Securitas had net debt of about Swedish krona (Skr) 11.0 billion ($1.4 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, as evidenced by the recent announcement of the offer to acquire security systems company Bell Group PLC. The company's successful track record of buying low-margin operations
