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NEWELL COMPANY $153 MILLION OF SENIOR DEBT RATED 'A' BY DUFF & PHELPS

 CHICAGO, April 28 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned an initial credit rating of `A' (Single-A) to Newell
Company's senior unsecured debt. About $153 million of medium-term notes are currently affected by the rating action.
 The Duff & Phelps rating is based upon the success of Newell's core business strategy, the company's strong cash flows, and its ample balance sheet flexibility. Management's fundamental strategy is to manufacture and market staple consumer products through high-volume retailers such as Wal-Mart, Kmart, Target, Ace Hardware, Home Depot and Office Depot. The company's sources of revenues are diversified with many product lines in each of three major retail segments: housewares, hardware, and office products. These factors, combined with management's strong focus on efficient manufacturing and distribution, have produced relatively stable cash flows which are more than adequate to support on-going operations.
 One of the other major components of Newell's strategy is growth via acquisitions. The Duff & Phelps rating also accounts for the probability that debt-protection measures will often be lower than current levels as new businesses are acquired and assimilated. However, management has a long track record of successfully integrating such operations and is willing to finance acquisitions with equity when appropriate. Moreover, management also recognizes that financial flexibility is a key to future growth opportunities and has therefore made a long-term commitment to limit the company's level of fixed obligations.
 -0- 4/28/93
 /CONTACT: Matthew D. Robbins, CFA of Duff & Phelps Credit Rating Co., 312-368-3120/
 (NWL)


CO: Newell Company ST: IN: HOU SU: RTG

WB -- NY042 -- 1896 04/28/93 10:37 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
Words:262
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