Tuesday, October 15, 2013

Standard & Poor’s Raises Credit Rating on Home Depot (HD)

Standard & Poor’s announced on Tuesday that it has raised its corporate credit rating on Home Depot (HD) from A- to A.

Standard & Poor’s also raised its short-term ratings from A-2 to A-1. The outlook on the ratings is stable. The credit ratings agency noted that Home Depot has benefited from the rebounding housing market and increased consumer demand. Home Depot’s most recent earnings report noted net income rising 17% and sales rising 9% to $22.52 billion. In its report, Home Depot also stated that it expects to see FY2013 earnings to be at least $3.60 per share.

Home Depot shares slipped 1.56% during Tuesday’s session. Year-to-date, the stock is up 20.27%.

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