S&P: Knoll unchanged

Standard & Poor's said its ratings and outlook on Knoll Inc. (BB/stable) would not be affected by the announcement that it intends to purchase up to $75 million of the company's outstanding common stock, to be completed concurrently with Warburg Pincus Ventures LP and Burton B Staniar's secondary offering of Knoll's common stock.

The agency said it expects this purchase to be financed with borrowings under its revolving credit facility, adding that this transaction closely follows Knoll's $10.2 million of share repurchases in the second quarter of 2006.

Despite the incremental borrowings on the company's revolver, S&P said that the company's operating trends have continued to improve through its second quarter and lease-adjusted total debt.

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