NEW YORK (Standard&Poor's) Dec. 11, 2008--Standard&Poor's Ratings Services said today that the downward revision in fourth-quarter earnings and restructuring plan announced by The Stanley Works Co. (A/Stable/A-1) would not affect the ratings or outlook on the company at this time. The company's actions are in response to the rapid decline in volumes in its construction do-it-yourself and industrial businesses. The restructuring measures include the closing of three plants, a 10% reduction of its work force, and elimination of some layers of management. The benefits from these actions are expected to partially mitigate the impact of volume declines, which we expect will continue into 2009. Should operating results deteriorate to a greater than expected degree in 2009,
