On April 22, 2003, Standard&Poor's Ratings Services lowered its corporate credit ratings on office furniture manufacturer Herman Miller to 'BBB' from 'BBB+'. The outlook remains negative. The rating action reflects the significant decrease in revenues and increased business uncertainty for this industry following several years of severely depressed demand in the office furniture sector, and the expectation that this weak demand will extend through 2003. Standard&Poor's now views this sector as more volatile and dramatically more susceptible to reductions in corporate spending than what was previously factored into the ratings. Despite the downgrade on the company, the ratings on Herman Miller Inc. reflect the company's strong position in the U.S. office furniture industry, its innovation, its
