The Brink's Co. Ratings Lowered One Notch To 'BB+' And Taken Off CreditWatch; Outlook Stable; New Debt Rated 'BB'

The Brink's Co. has recently completed a large acquisition and is in the process of completing a second, both of which are primarily debt-financed, and we expect weaker credit metrics to result. Therefore, we are lowering our corporate credit rating on Brink's to 'BB+' from 'BBB-' and removing all of the ratings from CreditWatch, where they were placed with negative implications on July 14, 2017. At the same time, we are lowering our issue-level rating on the company's $525 million revolving credit facility to 'BB+' from 'BBB-' and assigning a '3' recovery rating. We are also assigning a 'BB' issue-level rating to the company's proposed $500 million senior unsecured notes issuance, with a recovery rating of '5', based on the

...+ The Brink's Co. has recently completed a large acquisition and is in the process of completing a second, both of which are primarily debt-financed, and we expect weaker credit metrics to result. + Therefore, we are lowering our corporate credit rating on Brink's to '##+' from '###-' and removing all of the ratings from CreditWatch, where they were placed with negative implications on July 14, 2017. + At the same time, we are lowering our issue-level rating on the company's $525 million revolving credit facility to '##+' from '###-' and assigning a '3' recovery rating. + We are also assigning a '##' issue-level rating to the company's proposed $500 million senior unsecured notes issuance, with a recovery rating of '5', based on the company's proposed capital structure. + The stable outlook reflects our belief that the company's credit metrics will remain relatively consistent over the next 12-18 months, with funds from operations to debt in the mid-to-high 20% area. NEW YORK (S&P Global...

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