On July 14, 2006, Standard&Poor's Ratings Services revised its rating outlook on Zeeland, Mich.-based office furniture manufacturer Herman Miller Inc. to positive from stable. Ratings on the company, including the 'BBB' corporate credit rating, were affirmed. Approximately $178.8 million of total debt was outstanding at Herman Miller on June 3. 2006. The outlook revision reflects the company's continued improvements in operating performance, strengthening of credit protection measures, and our more favorable view of the industry following our recent review of the sector. Operating performance has improved as a result of increased demand and pricing, coupled with improved overhead absorption. Leverage, as measured by lease-adjusted total debt to EBITDA, has declined to 1.1x at June 3, 2006 from 1.6x
