The ratings on Sweden-based security services company 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 intermediate financial profile. At March 31, 2006, Securitas had adjusted debt of about Swedish krona (Skr) 16.2 billion ($2.3 billion), including estimated operating lease commitments and postretirement liabilities. Securitas has announced a proposal to distribute its security system, alarm, and cash-handling divisions to existing shareholders by way of a dividend. The transactions, which require shareholder approval, are expected to be completed in September 2006. These divisions account for about one-third of Securitas' total sales and earnings. The divestments will have a neutral effect on Securitas'
