Moody's Downgrades Stanley Works

PITTSBURGH (AP) — Moody's Investors Service on Thursday downgraded credit and debt ratings of Stanley Works Co., citing sales declines across most of the tool maker's businesses and weak earnings.

The agency lowered Stanley Works' senior unsecured credit rating to an investment grade "A3" from "A2," its commercial paper rating to "Prime-2" from "Prime-1" and its junior subordinated debt to "Baa2" from "Baa1."

The downgrade affects about $1.6 billion of debt securities and reflects "revenue and volume declines across most lines of business, earnings weakness, and decline in several key credit metrics," according to the agency. ...