TEXT-S&P assigns Home Depot shelf registration prelim 'A-' rating

Thu Aug 30, 2012 4:21pm EDT

Aug 30 - Standard & Poor's Ratings Services said today that it assigned its
'A-' preliminary senior unsecured rating to Atlanta-based Home Depot Inc.'s
 (A-/Stable/A-2) automatic shelf registration statement filed Aug. 29,
2012. At the same time, we withdrew our 'A-' preliminary senior unsecured rating
on the company's automatic shelf registration statement filed Aug. 21, 2009,
which has expired.

The ratings on Home Depot reflect our opinion that the company will maintain 
its "strong" business risk profile as the largest home improvement retailer in 
the world, supported by its substantial U.S. store footprint, improved 
profitability, and solid free cash flow-generating ability. We assess Home 
Depot's financial risk profile as "intermediate" and expect the company to 
maintain leverage at about 2x, resulting in credit measures remaining near 
current levels. (For the complete corporate credit rating rationale, see the 
full analysis on Home Depot, published June 29, 2012, on RatingsDirect.)

RELATED CRITERIA AND RESEARCH
     -- Standard & Poor's Ratings Definitions, June 22, 2012
     -- Liquidity Descriptors For Global Corporate Issuers, Sept. 28, 2011
     -- Business Risk/Financial Risk Matrix Expanded, May 27, 2009
     -- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008

RATINGS LIST

Home Depot Inc.
 Corporate Credit Rating             A-/Stable/A-2

New Rating

Home Depot Inc.
 Senior Unsecured
  Automatic shelf registration       A-(prelim)

Ratings Withdrawn
                                     To            From
Home Depot Inc.
  Automatic shelf registration       NR            A-(prelim)


Complete ratings information is available to subscribers of RatingsDirect on 
the Global Credit Portal at www.globalcreditportal.com. All ratings affected 
by this rating action can be found on Standard & Poor's public Web site at 
www.standardandpoors.com. Use the Ratings search box located in the left 
column.