Moody's cuts Herman Miller

Moody's Investors Service said it downgraded Herman Miller's senior unsecured notes rating to Baa3 due to expectations that the ongoing recession will cause operating performance to be below expectations over the medium term.

The outlook is stable. The action concludes the review for downgrade begun on June 17.

The company's credit metrics will remain pressured, the agency said, despite the fact that Herman Miller has aggressively reduced its cost structure over the past year and significantly benefits from having relatively low operating leverage.

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