NEW YORK (AP) -- Credit ratings agency Standard & Poor's said Tuesday that it is raising its corporate credit rating on Home Depot due to improving performance.
Home Depot has been benefiting from the slowly improving housing market, which is making consumers feel more comfortable spending on their homes. In its most recent quarter net income rose 17 percent as sales rose 9 percent to $22.52 billion.
S&P raised its corporate credit rating to "A'' from "A-" and its short-term ratings to "A-1" from "A-2." The outlook on the ratings is now stable. The ratings are investment grade — indicating the company has a strong capacity to meet financial commitments.
Shares fell $1.08 to $75.27 in afternoon trading. The stock has wavered in recent weeks, but remains up about 22 percent since the start of the year.