Home Depot, Inc., The: Rating Report

On January 25, 2018, DBRS Limited (DBRS) confirmed the Issuer
Rating and Senior Unsecured Debt rating of The Home Depot,
Inc. (Home Depot or the Company) at “A” and the Commercial
Paper ratings of Home Depot and Home Depot of Canada Inc. at
R-1 (low). All trends are Stable. The confirmation of the ratings is
based on Home Depot’s strong operating performance through
the end of Q3 F2017 combined with its stable leverage target,
while considering the Company’s planned incremental investments
in One Home Depot over the medium term. One Home
Depot is the Company’s platform for creating a seamless shopping
experience across retail channels for both customers and
associates and includes investments in the Company’s stores, associates,
digital capabilities and supply chain. Home Depot’s ratings
continue to be supported by its dominant market position,
large scale, geographic diversification and free-cash-generating
capacity. The ratings also reflect the intense competition and cyclicality
of the home improvement retail industry as well as risks
related to possible future growth strategies.