S&P affirms Stanley Works

Standard & Poor's said it affirmed the A-1 short-term rating on the 4(2) commercial paper program of Stanley Works Co. after the company increased the program by $250 million to $800 million.

The outlook is stable.

Stanley will continue to use the program to fund normal working capital needs and for general corporate purposes.

The agency said the company's A/A-1 ratings reflect its strong market position, good product and geographic diversity, solid cash flows and strong financial policies.

The ratings also reflect raw material cost pressures and the cyclical demand for the company's tool and hardware products, S&P said.

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