The ratings on Home Depot Inc. reflect the company's leading position in the still-fragmented home improvement industry and its consistently excellent financial profile. Home Depot, which pioneered the full-service, warehouse-style format in the 1970s, has established itself as the clear leader in the more than $400 billion home improvement industry. It is about twice the size of its nearest competitor, Lowe's Cos. Inc. The company's quality customer service, competitive prices, and broad merchandise selection distinguish it from the competition. In recent years, Home Depot has shifted its focus from aggressive store growth to improving operating efficiency. During this time, the company has enhanced its core business via store remodels, increased training, and the addition of business lines. Home Depot generated
