S&P: Lennox unaffected

Standard & Poor's said its ratings and outlook on Lennox International Inc. (BB/stable/--) are unaffected by the company's announcement that its board of directors approved a new $500 million share-repurchase program.

Lennox is expected to fully execute the share repurchase by the end of the third quarter of 2008.

Based on the July 24, 2007, equity closing price, the program would represent over 20% of the company's market capitalization. The new program replaces the one the board approved in September 2005.

S&P said Lennox has historically maintained a strong financial profile for the rating because of the combination of the company's focus on debt reduction and the favorable market conditions of the past few years. As a result, meaningful room exists in the ratings for Lennox to pursue its authorized stock-repurchase program, make acquisitions, or weather operating weakness.

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