NEW YORK (Standard & Poor's) Aug. 22, 2003--Standard & Poor's said today that Home Depot Inc.'s (AA/Negative/A-1+) announcement that it increased its share repurchase authorization by $500 million has no immediate impact on the ratings or outlook on the company. The increased share repurchases are expected to be funded from the company's $5.2 billion cash balances as of August 3, 2003, thus not affecting credit protection measures. Home Depot continues to generate significant free cash flow that has resulted in a $3 billion increase in cash over the first half of 2003. Standard & Poor's will look for continued same-store sales improvement and earnings growth in assessing the company's ratings and outlook.
