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S&P puts HD Supply on positive watch
S&P said it placed all its ratings for HD Supply Inc. on CreditWatch with positive implications.
The placement follows the announcement Home Depot Inc. will acquire the company for $56 per share, S&P said.
“The CreditWatch placement reflects our view that HD Supply's credit quality will likely benefit from its acquisition by Home Depot, which is a significantly larger and higher-rated entity,” the agency said in a press release.
S&P said it plans to resolve the placement or discontinue the ratings after the proposed acquisition closes, depending on whether any of HD Supply's rated debt remains outstanding.
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