Home Depot, Inc., The: Rating Report

On January 18, 2023, DBRS Limited (DBRS Morningstar) 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 with Stable trends. The rating actions reflect sustained momentum in Home Depot's operating performance during the last twelve months, despite inflation-driven pressures and a transition to a high interest rate environment, and are supported by DBRS Morningstar's view that the earnings growth over the last two years has helped the Company to build up an ample cushion and given it the ability to absorb some demand moderation as well as inflationary pressures, within the context of the current rating category.