S&P: Herman Miller unchanged

Standard & Poor's said it that the ratings and outlook on Herman Miller Inc. (BBB/positive) would not be immediately affected by the company's announcement that its board of directors has expanded the size of its existing share repurchase authorization by an additional $300 million.

The company repurchased $60.8 million in the first quarter of fiscal 2008 and currently has $73 million remaining on its prior authorization, the agency said.

At the end of the quarter ended Sept. 1, the company had $65.4 million in cash, S&P said, noting that it expects the company to fund future share repurchases largely from its cash flow and cash balances over time.

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