Summary: HD Supply Inc. Apr 11
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Abstract
Standard & Poor's Rating Services' ratings on Atlanta-based HD Supply Inc. reflect the company's high financial leverage and the pressure placed on its operating performance by the severe and protracted downturn in U.S. construction activity. Business-line diversity, leading market positions, and operational scale to weather the construction downturn partially offset these factors. However, our analysis focuses on the risks stemming from uncertainty about the ultimate depth and duration of the housing cycle's decline coupled with the nonresidential construction downturn, and the impact of these developments on HD Supply's near- to intermediate-term operating performance and financial leverage. The building materials distributor's capital structure contains more than $5 billion of funded debt. HD Supply's business profile is satisfactory. Although the privately owned...
Companies mentioned in this report are: HD Supply Inc.,Home Depot Inc.
Action: Review
HD Supply Inc.,Home Depot Inc.
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