S&P lowers Brink's

Standard & Poor's said it lowered its ratings on Brink's Co., including the corporate credit rating to BBB from BBB+, and removed them from Creditwatch, where they were placed with negative implications Feb. 25.

The outlook is stable.

According to S&P, the rating action follows its review of the impact on Brink's of its spin-off of Brink's Home Security into a separate, publicly traded company in a tax-free stock distribution to shareholders. The transaction was completed on Oct. 31.

The agency said it lowered the corporate credit rating because of the loss of diversity and the reduced cash flow and earnings that will result from the spin-off, adding that the revised rating on Brink's reflects its recognized brand name, established reputation for quality and reliability, good geographic and customer diversity of its remaining armored car and cash management business, solid profitability, and moderate financial policies.

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