Fitch affirms Stanley Black & Decker

Fitch Ratings said it affirmed Stanley Black & Decker, Inc.'s issuer default rating at A-, bank credit facility at A-, senior notes at A-, convertible notes due 2012 at BBB+, junior subordinated notes at BBB, short-term issuer default rating at F2 and commercial paper at F2.

The outlook is stable.

The ratings reflect the cyclicality of certain of the company's end-markets and integration risk associated with its merger with Black & Decker Corp. last year, although overall risk is mitigated by merger integration expertise, considerable liquidity and expectation of decreasing leverage and substantial cost synergies of $460 million, the agency said.

Revenue growth, enhanced by the acquisition, as well as reduced costs at Black & Decker should expand future cash flow, the agency added.

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