On June 19, 2007, Standard&Poor's Ratings Services placed its ratings on Home Depot Inc. on CreditWatch with negative implications. This action follows the board of directors' authorization of a $22.5 billion increase in its share repurchase program, which will be financed with net proceeds from the sale of HD Supply and the issuance of around $12 billion of senior unsecured notes. Shares may be repurchased via a tender offer, open market repurchase, or accelerated share repurchase; additional details will be announced by Home Depot at a later date. Following the successful sale of HD Supply, which is expected to close in the third quarter of 2007, Standard&Poor's expects to lower Home Depot's corporate credit rating by
