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S&P: Home Depot unaffected by share repurchase plan
Standard & Poor's said Thursday that Home Depot Inc.'s (AA/stable/A-1+) announcement that it increased its share repurchase authorization by $1 billion has no immediate impact on the ratings or outlook.
S&P said the increased share repurchases are expected to be funded from the company's $4.9 billion of cash as of Nov. 2, thus not affecting credit protection measures. Home Depot continues to generate significant free cash flow, which has resulted in $3.6 billion of additional cash through the first nine months of 2003.
Over the past two years, Home Depot has repurchased $3 billion of stock through its free cash flow.
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