U.S.-based roofing distributor SRS Distribution Inc. announced it has agreed to be acquired by home improvement retailer Home Depot Inc. for a total enterprise value (including net debt) of $18.25 billion, including its outstanding debt. We placed all our ratings on SRS, including our 'B-' issuer credit rating, on CreditWatch with positive implications. We plan to resolve the CreditWatch placement or discontinue our ratings on SRS once the acquisition closes, which we anticipate will occur by the end of Home Depot's fiscal 2024. For more information, refer to our research update on Home Depot, published March 28, 2024. We expect to resolve the CreditWatch placement once the transaction closes, expected by fiscal year-end 2024. We will likely discontinue our ratings
