Good market position as the world's largest home improvement retailer; Significant geographic diversity; and Solid track record of performance and growth from management execution and improving housing market. Ample free cash flow generation, with majority used for shareholder initiatives; Solid credit protection measures that we believe will remain stable over the next two years; and Real estate ownership provides operating and financial flexibility, but we do not expect any meaningful asset sales. The stable outlook on Home Depot Inc. reflects our forecast of continued good profitability and cash flow generation over the next two years, owing to favorable trends in the housing and repair and remodeling markets and good management execution. We expect EBITDA margins to expand over the next
