Standard&Poor's said today that its ratings on The Stanley Works Co. (A/Stable/A-1) will not change as a result of the company's announcement of second quarter earnings. Lower sales compared with the previous year were the result of continued weakness across industrial tool channels and inventory reductions at major retail customers. Nevertheless, free cash flow improved year-over-year due to benefits from cost reductions and improved operating margins. Solid cash flows are key to rating stability.