On June 9, 2004, Standard&Poor's Ratings Services revised its outlook on The Stanley Works Co. to stable from negative. All ratings on the New Britain, Conn.-based company were affirmed (see list below). The outlook revision reflects Standard&Poor's expectations that Stanley's credit measures will return to levels appropriate for the ratings by the end of 2004 driven by favorable market conditions, improving operating performance, and further debt reduction with free operating cash flow. Debt outstanding at April 3, 2004, was $903 million, including operating leases and accounts receivable sold. 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
