On July 19, 2004, Standard&Poor's Ratings Services revised its outlook on office furniture manufacturer Herman Miller Inc. to stable from negative. At the same time, Standard&Poor's affirmed its 'BBB' corporate credit and 'BBB' senior unsecured debt ratings on the company. Total debt outstanding at May 29, 2004, was $205.7 million. The outlook revision reflects rising order trends and an improved cost structure for this innovator in office furniture design. The ratings on Zeeland, Mich.-based Herman Miller Inc. reflect the company's strong position in the U.S. office furniture industry, its efficient manufacturing structure, and its moderate financial policy. These strengths are offset by the highly competitive and volatile nature of the industry and the company's geographic concentration
