Home Depot ratings put on negative watch; downgrade to 'BBB+' likely - S&P |
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Published
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Wed, 20 Jun 2007 14:49
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LONDON (Thomson Financial) - Standard & Poor's Ratings Services said it placed Home Depot Inc's ratings on negative watch after the the retailer approved a 22.5 bln usd increase in its share repurchase programme, to be funded by the company's unsecured notes and sale of its supply division.S&P placed Home Depot's 'A+' long-term and 'A-1' short-term credit rating on negative watch.S&P expects to lower Home Depot's ratings further by three notches to 'BBB+' from 'A+', after the company completes the sale of its HD Supply unit -- expected to close in the third quarter of 2007.The ratings agency said it expects the company's profile to be shareholder friendly -- as seen from its policy to use excess liquidity to repurchase shares and create shareholders value -- but said it does not see a turnaround in the housing market quickly.TFN.newsdesk@thomson.comssa/rfwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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