On Oct. 30, 2002, Standard&Poor's Ratings Services assigned its 'A' rating to The Stanley Works' $150 million senior unsecured notes due 2007 and $200 million senior unsecured notes due 2012, each to be issued under Rule 144A with registration rights. Proceeds are expected to be used to finance the company's $310 million acquisition of Best Lock Corp., and for general corporate purposes, including the possible repayment of short-term debt. Total debt outstanding (including accounts receivable securitization and operating leases) at June 30, 2002, was $600 million. At the same time, Standard&Poor's affirmed its existing ratings on the company (see list below). The ratings reflect The Stanley Works' above-average business position as a leading producer of a
