Standard&Poor's Ratings Services' ratings on Richmond, Va.-based The Brink's Co. reflect the company's recognized brand name in the cash-in-transit (armored car) and cash management/logistics industry, established reputation for quality and reliability, good geographic and customer diversity, and moderate financial policies. Competitive and somewhat cyclical markets and sizable off-balance sheet obligations offset these strengths. Credit metrics are currently at the low end of the range we consider appropriate for the rating, reflecting competitive and economic pressures in certain markets and increases in postretirement obligations over the past year. Our rating incorporates the assumption that cost cutting and efficiency improvement initiatives in North America and Europe, an increased focus on higher value added services, and an expanded presence in higher
