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 June 30, 2004, Securitas had net debt of about Swedish krona (Skr) 12.6 billion ($1.7 billion; including estimated amounts used under its asset securitization program). 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 acquisition of security systems company Bell Group PLC. The company's successful track
