S&P: Tempur-Pedic unaffected

Standard & Poor's said the rating and outlook on Tempur-Pedic International Inc. (BB/positive) would not be immediately affected by the company's authorization of a $300 million share repurchase program.

S&P said the company already repurchased $300 million of its common stock through the first nine months of this year, part of which was debt-financed. But the agency said it expects the company to fund future share buybacks largely out of cash flow over time and that the company's credit protection measures will remain strong.

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