The ratings on Sweden-based security services group Securitas AB reflect its position as the world leader in the security services market, a diversified customer base, strong geographic coverage, and a solid track record. However, the rating is constrained by an intermediate financial risk profile. On Dec. 31, 2007, Securitas had total debt of about Swedish krona (SEK) 16 billion (€1.7 billion), excluding operating lease commitments and postretirement liabilities. Demand for security services is moderately cyclical. Although slowly consolidating, the industry is highly fragmented. Securitas, which is the market leader in both Europe and North America, has less than 10% of the world market. Standard&Poor's Ratings Services expects Securitas to continue growing both organically and through opportunistic acquisitions. For
