On Oct. 31, 2007, Standard&Poor's Ratings Services revised its outlook on The Stanley Works Co. (Stanley) to stable from negative. At the same time, we affirmed all ratings on the company, including its 'A' corporate credit and 'A-1' commercial paper ratings. The outlook revision reflects our expectations that Stanley's credit measures will return to levels appropriate for the ratings over the next year as a result of the combination of improved operating performance and further debt reduction through internally generated cash.Adjusted debt outstanding at Sept. 30, 2007, was $1.4 billion. The ratings on Stanley reflect its strong market positions in a variety of tools and hardware products for use in the do-it-yourself (DIY), industrial, professional, and construction markets.
