OVERVIEW U.S.-based tool and equipment retailer Harbor Freight U.S. Tools Inc. has proposed a $1 billion term loan issuance to repay its existing debt and pay a dividend. This announcement is in line with the company's demonstration of a shareholder-friendly financial policy that has driven large debt-financed dividends in recent years. We are affirming our 'B+' corporate credit rating on Harbor Freight Tools. We are assigning a 'B+' issue-level rating with a '4' recovery rating to the new term loan. Our outlook remains stable, reflecting our expectation that financial policy will continue to result in opportunistic dividend payouts that keep debt leverage between 3x and 4x. NEW YORK (Standard&Poor's) July 16, 2013--Standard&Poor's Ratings Services said today
