U.S. office furniture manufacturer Herman Miller has experienced a substantial decline in demand over the past 18 months and despite recent signs of improving business trends, we believe credit measures are unlikely to improve to the levels likely to support the previous rating. We are lowering the company's ratings, including the corporate credit rating to 'BBB-' from 'BBB'. The outlook is stable, reflecting our opinion that the company will be able to improve and sustain credit measures that support the 'BBB-' rating as industry conditions improve. On July 19, 2010, Standard&Poor's Ratings Services lowered its corporate credit and senior unsecured ratings on Zeeland, Mich.-based office furniture manufacturer Herman Miller Inc. to 'BBB-' from 'BBB'. At the same time,
