...June 17, 2024 NEW YORK (S&P Global Ratings) June 17, 2024--S&P Global Ratings today assigned its 'A' issue-level rating to Atlanta-based home improvement retailer Home Depot Inc.'s proposed senior unsecured notes. The company is planning to issue nine tranches of notes for a total of about $10 billion. It intends to use proceeds to mainly fund the repayment of commercial paper. This commercial paper was used to help finance the acquisition of SRS Distribution Inc. as well as to pay related fees and expenses. Home Depot will use any remaining net proceeds from this offering for general corporate purposes. Our 'A' long-term issuer credit rating and stable outlook on the company are unchanged. Home Depot entered into an agreement to acquire SRS in March 2024. SRS is a residential specialty distribution company servicing roofers, landscapers, and pool contractors. Pro forma for the acquisition, we expect the company's S&P Global Ratings lease-adjusted leverage will rise to the mid-2x range...
