A weak economy and difficult industry conditions have resulted in declining operating performance in recent quarters and a deterioration in key credit measures. Although Herman Miller's expense reduction initiatives should partially offset the impact from lower volumes, we believe credit measures will remain under pressure over the near term. We are affirming the 'BBB' corporate credit rating. We are revising the outlook to negative from stable, reflecting our expectation of ongoing weak operating performance over the next year. On Aug. 6, 2009, Standard&Poor's Rating Services revised its outlook on Herman Miller Inc. to negative from stable. At the same time, Standard&Poor's affirmed its ratings on the company, including the 'BBB' corporate credit rating. As of July
