Standard&Poor's Rating Services said today that its ratings and outlook on The Stanley Works Co. (A/Stable/A-1) would not change as a result of either the company's announcement of lower than expected third-quarter and full-year 2002 earnings, or its acquisition of Best Lock Corp. for $310 million. Production issues in the company's mechanics tools business are the primary cause of the reduction in earnings. These problems have been addressed, and the adverse impact on earnings should be eliminated by the end of the fourth quarter. Although sales continue to be affected by weak industrial tool markets, retail sales are strong, aided by the continued roll-out of product at Wal-Mart. Standard&Poor's believes the acquisition of Best Lock Corp.,
