NEW YORK (Standard & Poor's) Dec. 11, 2003--Standard & Poor's said today that Home Depot Inc.'s (AA/Stable/A-1+) announcement that it increased its share repurchase authorization by $1 billion has no immediate impact on the ratings or outlook. The increased share repurchases are expected to be funded from the company's $4.9 billion of cash as of Nov. 2, 2003, thus not affecting credit protection measures. Home Depot continues to generate significant free cash flow, which has resulted in $3.6 billion of additional cash through the first nine months of 2003. Over the past two years, Home Depot has repurchased $3 billion of stock through its free cash flow.
