The ratings on Sweden-based security services provider Securitas AB reflect Standard&Poor's Ratings Services' view of Securitas' business risk profile as "strong" and its financial risk profile as "intermediate." In financial year 2011, Securitas' operating margins declined in all of its business segments. This decline was most visible in Security Services Europe, which lost several contracts early in the year due to price pressure. The group also raised additional debt to finance a higher number of acquisitions in 2011 than in prior years, without benefiting from a full year of profits and cash flow from the acquired businesses. As a result, Securitas' Standard&Poor's-adjusted funds from operations (FFO) to debt stood at 26% and adjusted free operating cash
