Herman Miller's operating conditions remain difficult, and credit metrics have deteriorated. We are placing our ratings on Herman Miller on CreditWatch with negative implications. We will meet with management to further discuss Herman Miller's operating trends and expectations to resolve the CreditWatch listing. NEW YORK (Standard&Poor's) Jan. 20, 2010--Standard&Poor's Ratings Services today placed its ratings on Herman Miller Inc. on CreditWatch with negative implications, including the 'BBB' corporate credit rating on the company. The CreditWatch placement means that we could lower or affirm the ratings following the completion of our review. As of Nov. 28, 2009, Zeeland, Mich.-based Herman Miller had approximately $309 million of debt, excluding operating lease and pension obligations. The CreditWatch listing reflects
