Good geographic and customer diversity; Solid market positions in armored car, cash management, and logistics services; Moderate financial policies; and Established reputation for quality and reliability Sizable off-balance sheet liabilities, and Competitive end markets 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 (but manageable) off-balance-sheet obligations offset these strengths. Competitive markets and economic pressures have resulted in credit metrics that are at the low end of the range we consider appropriate for the rating. Our rating incorporates an expectation
