Calabasas, Calif.-based Harbor Freight Tools USA, Inc. (HFT) is refinancing its existing capital structure and paying a dividend to its shareholders. We are assigning a 'B+' issue-level rating, with a '4' recovery rating to the company's proposed $1 billion term loan We are also affirming the existing ratings on the company, including the 'B+' corporate credit rating, despite higher leverage following this transaction. The outlook is stable, reflecting our expectation that the company's niche position in the industry will continue to propel profitability gains. On April 25, 2012, Standard&Poor's Rating Services assigned its 'B+' bank loan rating, with a '4' recovery rating to the company's proposed $1 billion term loan. The '4' recovery rating indicates our expectation for
