Summary: Snap-on Inc. Jun 11

Standard & Poors, June 2011

Abstract
Standard & Poor's Ratings Services' ratings on Kenosha, Wisc.-based Snap-on Inc. reflect the company's modest financial risk profile, which is marked by financial policies we view as conservative. This profile is tempered by credit measures that have weakened due to increased debt used to fund the company's domestic credit operations and by relatively significant pension obligations. The ratings also reflect Snap-on's satisfactory business profile, which is characterized by good positions in cyclical and competitive markets. Snap-on is a leading manufacturer of tools and diagnostic equipment for the auto repair industry and various other industrial markets. The company's brand-name recognition, history of product innovation, and strong franchise distribution network support its market position. End-market exposure to the global automotive repair and...

Companies mentioned in this report are: Snap-On Inc.,Stanley Black & Decker Inc.,Danaher Corp.,Cooper Industries Ltd.
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Snap-On Inc.,Stanley Black & Decker Inc.,Danaher Corp.,Cooper Industries Ltd.

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