S&P affirms Steelcase

Standard & Poor's said it affirmed Steelcase Inc.'s corporate credit rating at BBB-.

The ratings were removed from CreditWatch with negative implications.

The outlook is negative.

The agency said it believes Steelcase's recent performance has shown improving trends and that this positive momentum will continue over the next year as demand recovers.

The negative outlook reflects an uncertain economic environment and credit measures that are currently weak for the rating, S&P said, although a substantial improvement is expected over the near term as the company's business recovers.

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