S&P: Home Depot unaffected

Standard & Poor's said there is no immediate impact on Home Depot Inc.'s (BBB+/stable/A-2) ratings from its plan to close 15 underperforming stores in 2008 and scale back 50 new U.S. stores in the pipeline for 2009 and beyond.

For the fiscal year ended Feb. 3, lease-adjusted total debt-to-EBITDA ratio was about 2 times.

Current ratings contain some cushion to digest ongoing weakness in the U.S. housing market, the agency said. The company is expected to continue holding off on share repurchases until market conditions improve.

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