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Fitch downgrades Staples to BBB-
Fitch Ratings said it downgraded Staples, Inc.'s long-term issuer default rating to BBB- from BBB and short-term issuer default rating to F3 from F2.
The outlook is negative.
Fitch said the downgrade reflects Staples' weak sales and margin trends caused by a secular decline in sales of core office supplies (57% of Staples' 2013 sales, half of which is paper, ink and toner), and weak sales of business technology products (15% of sales). Declining operating performance also reflects competition from online retailers, persistent weakness in the company's international segment, and the challenging macroeconomic environment, the agency said.
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