The merger between Stanley Works and Black&Decker Corp., with the combined entity now known as Stanley Black&Decker Inc. was completed on March 12, 2010. The transaction enhances Stanley's business risk profile by providing Stanley with a leading position in power tools and expanding its geographic diversity. As previously communicated in our Nov. 2, 2009 research update, we have affirmed our 'A' corporate credit rating on Stanley and lowered its commercial paper rating to 'A-2' from 'A-1'. The rating outlook is negative. We have also raised the issue-level ratings on Black&Decker's senior unsecured notes to 'A' from 'BBB', reflecting the guarantee that Stanley Black&Decker Inc. has provided to these securities, placing them pari
