The ratings on The Stanley Works (Stanley) reflect the company's strong market positions in a wide array of tools and hardware products for use in a broad group of construction markets, good geographic diversity, a competitive cost structure, and growing market presence in the recession-resistant security products and services segment. These attributes support a strong business risk profile and modest financial risk profile, despite end-market challenges, with total adjusted debt to EBITDA expected to remain below 2x. In addition, Standard&Poor's Ratings Services expects that Stanley will take the necessary actions to maintain credit metrics at a level we would consider to be in line with the current rating despite the ongoing challenging operating conditions. These factors help to
