Fitch alters Brinks outlook to negative

Fitch Ratings said it revised the outlook for the Brinks Co. (BCO) to negative from stable and affirmed the BB+ ratings on the company and its senior unsecured notes. The RR4 recovery rating on the notes is unchanged. The agency also affirmed the BBB-/RR2 ratings on the senior secured credit facilities.

“The revised negative outlook reflects capital deployment policies that could continue to sustain debt/EBITDA above 4x as BCO balances an active M&A pipeline and shareholder returns. Persistence in this strategy would likely lead to a one-notch downgrade while a commitment and demonstrated prioritization of deleveraging on a gross debt basis could stabilize the outlook,” Fitch said in a press release.

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