Moody's affirms Brink's unsecured ratings; outlook down to negative

Moody's Investors Service said it affirmed the Brink's Co.'s Baa2 senior unsecured rating, but revised the outlook to negative from stable.

The action acknowledges Brink's continuing position as a leading provider of security services with a broad geographic footprint and consistent profitability, but recognizes that margins and profitability have been under pressure from the global economic downturn, the agency noted.

Moody's said it would not expect any significant improvement in 2010, adding that vulnerability to exchange rate developments in Venezuela is anticipated to exacerbate this trend if exchange rates closer to market rates were used to translate results from that country into Brink's consolidated financial statements.

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