On May 28, 2004, Standard & Poor's Ratings Services assigned its 'AA' rating to Home Depot's $1.0 billion unsecured revolving credit facility maturing in May 2009. The existing ratings on Home Depot, including the 'AA' long-term and 'A-1+' short-term corporate credit ratings, were affirmed. The outlook is stable. The ratings on Home Depot Inc. 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 about twice the size of its nearest competitor, Lowe's Cos. Inc. The company's quality customer service, competitive prices,
