Good market position as the world's largest home improvement retailer, albeit mainly North America-based; Substantial ongoing investments in supply chain, stores, labor, and omni-channel initiatives to fuel longer term growth; and We expect favorable U.S. housing market and home improvement industry over the next 24 months, but housing market cyclicality remains a risk. Solid credit protection measures that we believe will remain stable over the next two years; Ample free cash flow will be largely used for shareholder initiatives. We believe the company would curtail return of capital to shareholders in a market downturn); and Real estate ownership provides operating and financial flexibility, but we do not expect any meaningful asset sales. S&P Global Ratings' stable outlook on Home Depot
