NEW YORK (Standard&Poor's) Feb. 2, 2004-- Standard&Poor's Ratings Services said today that its ratings and outlook on The Stanley Works Co. (A/Negative/A-1) are unchanged by the company's report of strong fourth-quarter sales growth and robust cash flow. Stanley has reduced debt by over $200 million since its peak at June 30, 2003, of almost $1.1 billion, which arose from acquisition activity, settlement of an equity hedge position, weak market conditions, and poor operating performance. With some rebound in the general economy and somewhat stronger demand in the industrial channels, the company has made good progress toward strengthening its credit measures, although they still remain weaker than expected for the ratings. In addition, Standard&Poor's believes
