The ratings on Sweden-based security services company Securitas AB reflect the company'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, the ratings are constrained by Securitas' intermediate financial risk profile and the competitive nature of the company'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 around 12% of the world market. Standard&Poor's Ratings Services anticipates that Securitas will continue to expand, both organically and through acquisitions, although
