NY -- Standard&Poor's CreditWire 7/21/97 -- Standard&Poor's today has affirmed its single-'A' corporate credit, senior secured debt, and senior unsecured debt ratings, as well as its 'A-1' commercial paper rating on Stanley Works. The ratings outlook is stable. The affirmations follow the company's announcement that it will incur pretax restructuring charges and related transition costs totaling $340 million in conjunction with a sweeping reorganization. Substantial rationalization of manufacturing and administration is expected to lead to significant cost savings. Moreover, greater focus on product and brand development and product-line expansion should promote sales growth. The ratings reflect prudent financial policies and Stanley's above-average business position as a leading producer of a wide array of tools and hardware
