Leading market position with more than two times the sales level of its next largest competitor. Conservative financial policy. Home improvement industry can be impacted by a cyclical downturn in the housing market. The ratings on Home Depot reflect the company's leading position in the still-fragmented home improvement industry and its consistently excellent financial profile. Atlanta, Ga.-based Home Depot, which pioneered the full-service, warehouse-style format in the 1970s, has established itself as the clear leader in the more than $400 billion home improvement industry. It is more than twice the size of its nearest competitor, Lowe's Cos. Inc. The company's quality customer service, competitive prices, and broad merchandise selection distinguish it from the competition. In early January of 2003, Home
