S&P: Grainger unaffected

Standard & Poor's said its rating and outlook on W.W. Grainger Inc. (AA+/stable/A-1+) are unaffected by the company's announced $500 million accelerated share repurchase program.

The company's historically conservative capitalization could be weakened temporarily by debt financing, S&P said. But the company's cash flow is expected to reduce any incurred debt in the near to intermediate term, the agency said.

Grainger's current financial leverage levels are low enough to absorb the action without impairing financial measures to levels below minimum expectations for the rating, S&P said.

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