Fitch rates Home Depot notes A

Fitch Ratings said it assigned an A rating to the Home Depot, Inc.'s $1.4 billion issuance of senior unsecured notes.

Total issuance consists of $1 billion in notes due in 2029 and $400 million of incremental notes with identical terms to the existing notes due in 2047.

The proceeds will be used for general corporate purposes, including share repurchases and repayment of $1 billion of notes due in June 2019, Fitch said.

The ratings reflect the company's scale and cash flow generation, coupled with its solid track record of comparable store sales growth and margin expansion, the agency said.

These factors instill confidence in the agency's forecast of adjusted debt-to-EBITDAR remaining at or modestly lower than 2x over the forecast horizon.

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