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 remains 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 (30% of 2003 revenue was generated outside the U.S.), and end-user diversity, including substantial sales to the less cyclical repair-and-remodel markets, although there is some industrial and
