The ratings on Sweden-based security services provider Securitas AB reflect Standard&Poor's Ratings services' 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. These strengths are offset to a degree by Securitas' intermediate financial risk profile and the competitive nature of the group's markets. Demand for security services is relatively resilient, despite showing a fair degree of correlation with general economic conditions in recent months. Although the security services industry is slowly consolidating, it is still highly fragmented in many of its key markets. Securitas, which is a market leader in both Europe and North America, has around 11% of the
