The ratings on Sweden-based security services company Securitas AB reflect its position as the world leader in the security services market, a diversified customer base, strong geographic coverage, solid track record, and intermediate financial profile. At June 30, 2007, Securitas had total debt of about Swedish krona (SEK) 15.6 billion (€1.7 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 2008. Demand for security services is moderately cyclical. Although slowly consolidating, the industry is highly fragmented, and Securitas, which is the market leader in both Europe and North
