S&P puts Corporate Express on developing watch

Standard & Poor's said it revised to developing from positive the implications of its CreditWatch placement on Corporate Express NV's BB- long-term corporate credit rating.

The action comes after Corporate Express' acquisition proposal, which could increase its debt and lead to integration risk, according to S&P.

Ratings reflect Corporate Express' aggressive financial risk profile and the cyclicality and highly competitive nature of the global office products market, the agency said.

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