Moody's affirms Steelcase

Moody's Investors Service said it affirmed Steelcase Inc.'s Ba1 rating with a positive outlook.

Steelcase's ratings reflect its vulnerability to cyclical end-markets, particularly the financial sector; excess manufacturing overhead; lack of consistent profitability, especially in its international segment; and exposure to volatile input costs.

Moody's added that Steelcase's ratings also reflect its widely recognized brand name and reputation for quality office furnishings in an industry with considerable barriers to entry and its highly diversified installed customer base of major national and multinational corporations.

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