The ratings on Sweden-based security services group, Securitas AB, reflect the group's position as the world leader in the security services market, its diversified customer base, strong geographic coverage, and solid track record. However, the rating is constrained by Securitas' intermediate financial risk profile. Demand for security services is moderately cyclical. Although slowly consolidating, the industry is highly fragmented. Securitas, 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 expanding both organically and through opportunistic acquisitions. This was demonstrated by the group's acquisition of G4S PLC's German-manned guarding operations in June 2008. Acquisition risk is, however, reduced by Securitas' good track record in
