Stanley Black&Decker Inc.'s Proposed Equity Units Rated 'BBB+'

TORONTO (S&P Global Ratings) Nov. 7, 2019--S&P Global Ratings today assigned its 'BBB+' issue-level rating to New Britain, Conn.-based Stanley Black&Decker Inc.'s proposed $675 million equity units, consisting of a purchase contract and one share of 0% cumulative perpetual convertible preferred stock. The rating is two notches below our issuer credit and senior debt ratings on Stanley because of the issue's subordination that ranks it junior to all other debt. We accord high equity content to this instrument because we expect the preferred stock to be converted to equity or repaid with subsequent remarketing proceeds in three years. Stanley will receive a second tranche of common equity proceeds in three years, which it could use to settle the

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