The ratings on Sweden-based security services group Securitas AB reflect the group's position as the world leader in the relatively recession resilient security services market, its diversified customer base, strong geographic coverage, and solid track record. However, they are constrained by Securitas' intermediate financial risk profile and the competitive nature of the group's markets. Demand for security services is relatively resilient to recession, although in the U.S. it has a greater correlation to general economic conditions. 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 acquisitions, although in the
