On Dec. 19, 2003, Standard&Poor's Ratings Services assigned its preliminary 'A' senior unsecured debt rating and its preliminary 'A-' subordinated debt rating to New Britain, Conn.-based The Stanley Works Co.'s $900 million Rule 415 universal shelf registration. All ratings were affirmed. The outlook is negative. Proceeds from any securities issued under the shelf registration could be used for general corporate purposes, including financing of operations, repayment of short-term debt, and acquisitions. The ratings reflect Stanley's above-average business profile as a leading producer of a wide array of tools and hardware products for the do-it-yourself, industrial, and construction markets, good product and geographic diversity, and strong cash flows. However, the company's financial profile could remain weaker than expected for
