On Dec. 20, 2007, Standard&Poor's Ratings Services revised its rating outlook on Zeeland, Mich.-based Herman Miller Inc. to stable from positive. At the same time, Standard&Poor's affirmed its ratings on the company, including the 'BBB' corporate credit rating. Approximately $179 million of debt was outstanding as of Dec. 1, 2007. The revised outlook is based on the company's more aggressive financial policy reflected in its increased share repurchase plans, and our expectation for moderating growth trends in the U.S. office furniture market. The company recently announced a $200 million accelerated share repurchase program, to begin in January 2008 and to be funded with $200 million in senior unsecured notes issued through a private placement. The company
