Recognized brand name and established reputation for quality and reliability Competitive and somewhat cyclical markets Good geographic diversity Exposure to political risk in certain of its markets (e.g. Venezuela) Ongoing efforts to address competitive pressures in Europe and North America Increased focus on more value-added services Sizeable off-balance sheet obligations Moderate financial policies Exposure to currency fluctuations The outlook on The Brink's Co. is negative. Credit metrics have deteriorated as a result of the impact of competitive pressures, economic uncertainty, nonrecurring charges, and significant postretirement obligations. These metrics are currently at the low end of Standard&Poor's Ratings Services' expected range and we do not expect to see meaningful improvement in the near term. We could lower the rating
