The ratings on Sweden-based security services company Securitas AB reflect its position as the world leader in the security services market, its diversified customer base, strong geographic coverage, a solid track record, and its intermediate financial profile. At Sept. 30, 2006, Securitas had total debt of about Swedish krona (SEK) 16.8 billion, excluding operating lease commitments and postretirement liabilities. In September 2006, Securitas distributed its security system and alarm divisions to existing shareholders by way of a dividend, and its cash-handling division is expected to be divested in the same way during 2007. These divisions accounted for about one-third of Securitas' total sales and earnings in 2005. The divestments have a neutral effect on Securitas' overall credit quality. From a
