U.S. tool and equipment retailer Harbor Freight Tools has closed on its $675 million bank facility, with the proceeds used to refinance existing debt and pay about $235 million dividend to its shareholders. We are assigning our 'B+' corporate credit rating to the company. We are also assigning a 'B+' issue-level rating and a '4' recovery rating to the company's senior secured bank credit facilities. The stable outlook reflects our belief that sales growth could decelerate over the near term, but that the company will continue to benefit from its niche position in the industry. NEW YORK (Standard&Poor's) Jan. 20, 2011--Standard&Poor's Ratings Services said today it assigned its 'B+' corporate credit rating to Calabasas, Calif.-based Harbor
