Recognized brand name and established reputation for quality and reliability Competitive and somewhat cyclical end-markets Good geographic diversity Exposed to political risk in certain end markets Ongoing efforts to address the competitive pressures that the company faces in North America, which have hurt its profitability over the past few years Sizeable off balance-sheet obligations Manageable funded debt burden because of the company's moderate financial policies Exposure to currency fluctuations Standard&Poor's Ratings Services' outlook on The Brink's Co. is stable. Over the past year, the company has made progress toward improving its operating efficiency and restructuring its business. We expect that Brink's will continue these efforts as it seeks to improve its operating performance and introduce new products, causing
