On April 10, 2003, Standard&Poor's Ratings Services revised its outlook on tool manufacturer The Stanley Works to negative from stable. All ratings were affirmed (see list below). Debt at Dec. 31, 2002, including operating leases and accounts receivable sold, was $870 million. The outlook change reflects Standard&Poor's concern that the company's financial profile could remain weaker than expected because of risks associated with the execution of its restructuring plans, the repositioning of its business portfolio, more aggressive use of debt, and dim prospects for a near-term economic rebound. Although the company has demonstrated its ability to generate solid cash flows, these factors could impede the improvement in credit measures that Standard&Poor's is expecting within
