The ratings on New Britain, Conn.-based Stanley Works Co. reflect the company's strong market positions in a variety of tools, hardware, and commercial security products and services for use in the do-it-yourself (DIY), industrial, professional, and construction markets. The company also has good geographic diversity, a competitive cost structure, and strong cash flow, which offset the cyclical nature of its markets, raw material cost pressures, and price competition in the global tools industry. With 31% of Stanley's revenues now in the more stable security segment, the company has achieved a more balanced mix of end markets, reducing the earnings impact of the cyclical construction and do-it yourself tool segment (38.6% of sales) and industrial tool segment (30% of sales). In
