U.S. tool and equipment retailer Calabasas, Calif.-based Harbor Freight Tools is downsizing its term loan offering to $750 million from $1 billion. We are revising our recovery rating on the proposed term loan to '3' from '4' and affirming all existing ratings on the company, including the 'B+' corporate credit rating. The company intends to use the proceeds from the term loan, along with about $260 million borrowings under its $400 ABL revolver, to refinance existing capital structure and pay a dividend to its shareholders. The outlook is stable, reflecting our expectation that the company's niche position in the industry will continue to propel profitability gains. On May 10, 2012, Standard&Poor's Rating Services revised its recovery rating on
