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; Favorable U.S. housing market and home improvement industry expected over the next two years; but Housing market cyclicality remains a risk. Ample free cash flow, with majority used for shareholder initiatives much of which are discretionary and could be curtailed in a downturn; 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. S&P Global Ratings' stable outlook on Home Depot Inc. reflects our forecast of continued good profitability and cash flow generation
