NEW YORK (Standard & Poor's) Aug. 9, 2004--Standard & Poor's Ratings Services said today that Home Depot Inc.'s (AA/Stable/A-1+) announcement of a $1 billion increase in its share repurchase authorization has no immediate impact on the current ratings or outlook. The increased share repurchases are expected to be funded by the company's cash balance, which was $4.3 billion as of May 2, 2004. Home Depot has continued to generate significant free cash flow over the past few years, with $2.4 billion of discretionary cash flow (after maintenance capital expenditures and dividends) generated in its fiscal year ended Feb. 1, 2004. At the end of its first quarter ended May 2, 2004, Home Depot purchased around $4.5 billion of its $7.0
