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S&P: Staples on negative watch
Standard & Poor's said it placed all of Staples Inc.'s ratings, including its BBB corporate credit rating, on CreditWatch with negative implications.
The company's operating performance was weaker than expected in the second half of 2013 and was particularly weak in the fourth quarter, the agency said.
The company's performance reflects the ongoing sales pressure that the office supply industry has faced for a number of years, S&P said.
While Staples has made significant efforts to rationalize its store portfolio, implement cost-saving initiatives and invest in on-line and commercial businesses, the agency said it now believes the declines in its core office supply retail business may offset those efforts.
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