UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT
                       Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934


Date of Report (Date of earliest event reported)        September 1, 2004
                                                --------------------------------

                         THE BLACK & DECKER CORPORATION
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             (Exact name of registrant as specified in its charter)

          Maryland                      1-1553                  52-0248090
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(State or other jurisdiction   (Commission File Number)   (IRS Employer
 of incorporation)                                         Identification No.)

701 East Joppa Road, Towson, Maryland                         21286
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(Address of principal executive offices)                    (Zip Code)

Registrant's telephone number, including area code          410-716-3900
                                                  ------------------------------

                                 Not Applicable
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         (Former name or former address, if changed since last report.)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
    230.425)
[ ] Soliciting  material  pursuant to Rule 14a-12 under the Exchange Act (17 CFR
    240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
    Act (17 CFR 240.13e-4(c))







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ITEM 2.03.  CREATION OF A DIRECT FINANCIAL  OBLIGATION OR AN OBLIGATION UNDER AN
OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
Effective  September 1, 2004, The Black & Decker Corporation (the "Corporation")
increased the maximum amount  authorized for issuance under its commercial paper
program from $500 million to $1 billion.  Standard & Poor's Rating  Services and
Moody's  Investors  Service,  Inc. have notified the Corporation  that they have
reaffirmed  their short-term debt ratings of A-2 and P2,  respectively,  for the
increased program. The Corporation's commercial paper program, which has been in
existence  since 2002,  allows the  Corporation  to issue debt  securities  with
maturities of up to 365 days. At August 31, 2004,  outstanding  commercial paper
under the program totaled  approximately $245.1 million.  Commercial paper under
this program is offered and sold privately  through  selected dealers engaged by
the  Corporation,  and the  paper is sold  without  registration  under  Federal
securities laws pursuant to exemptions from those registration requirements.



                                      -3-



                         THE BLACK & DECKER CORPORATION

                               S I G N A T U R E S

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                               THE BLACK & DECKER CORPORATION


                                               By: /s/CHRISTINA M. MCMULLEN
                                                   -----------------------------
                                                   Christina M. McMullen
                                                   Vice President and Controller


Date: September 1, 2004