The ratings reflect New Britain, Conn.-based The Stanley Works Co.'s above-average business profile as a leading producer of a wide array of tools and hardware products for the do-it-yourself, industrial, and construction markets, good product and geographic diversity, and strong cash flows. However, the company's financial profile could remain weaker than expected for the ratings because of its elevated debt levels, and Standard&Poor's Ratings Services believes the company faces moderate risks in executing the repositioning of its business portfolio. Stanley's business position is supported by high brand-name recognition, significant global market presence, and end-user diversity, including substantial sales to the less cyclical repair-and-remodel markets, although there is some industrial and commercial concentration. Stanley holds either the first- or
