Good position as the world's largest home improvement retailer; Significant geographic diversity; and Solid track record of performance and growth because of continued housing market upside. Ample free cash flow generation, with majority used for shareholder initiatives; Solid credit protection measures that we believe will remain consistent with its "modest" financial risk profile; and Asset ownership provides operating and financial flexibility, and we do not expect asset sales to occur. The stable outlook reflects our expectation that Home Depot Inc. will maintain the positive profit momentum benefit from the favorable trends in the housing and repair and remodeling markets. We expect EBITDA margins to expand over the next two years to the mid-16% area and leverage to remain under its
