The ratings on Sweden-based security services company Securitas AB reflect our view of 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 our assessment of Securitas' "intermediate" financial risk profile and the competitive nature of the company's markets. Demand for security services is relatively resilient, despite showing a fair degree of correlation to general economic conditions in recent months. Although slowly consolidating, the industry is highly fragmented. Securitas, which is a market leader in both Europe and North America, has around 12% of the world market by revenues. Standard&Poor's Ratings Services anticipates that Securitas will continue
