Fitch affirms Stanley Black & Decker

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

The affirmations follow news that the company offered to acquire Niscayah for about $1.2 billion, Fitch said.

The outlook is stable.

The agency also said it affirmed Black & Decker Corp.'s issuer default rating at A- and senior unsecured notes at A-, along with Black & Decker Holdings LLC's issuer default rating at A- and senior unsecured notes at A-.

The proposed acquisition fits well within the company's growth platform, Fitch said.

The addition of Niscayah provides the company with a global scale and establishes a balance between its North American security business and European operations, the agency said.

The acquisition also will enhance its recurring revenue stream and provide further geographic diversification, Fitch said.

The agency said it is somewhat concerned that the company is making this meaningful acquisition at a time when it is still integrating the sizeable Black & Decker acquisition, which was completed last year.

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