The ratings on Zeeland, Mich.-based Herman Miller Inc. reflect its strong market position in the office furniture industry, variable cost structure, solid financial condition, and continued improvements in operating performance and credit protection measures. These factors are somewhat offset by the competitive and volatile nature of the office furniture industry, and the company's sensitivity to raw-material price fluctuations. Herman Miller is a leading designer, marketer, and manufacturer of office furniture and systems. The U.S. office furniture industry is highly competitive, with five companies garnering a significant portion of the market. Among these five, Herman Miller maintains the No. 3 position, with about $1.76 billion in sales for the 12 months ended Sept. 2, 2006. The two other rated industry participants
