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Fitch gives Office Depot de Mexico notes BB+
Fitch Ratings said it assigned Office Depot de Mexico SA de CV a foreign currency long-term issuer default rating of BB+; a local currency long-term issuer default rating of BB+; and a BB+(exp) rating to its proposed $350 million senior notes due 2020.
The outlook is stable.
Fitch said the ratings reflect Office Depot de Mexico's leadership position in the office products super-store segment, diversified geographical footprint, low historical adjusted leverage, and generally consistent free cash flow generation. The rating also incorporates the company's new leverage structure, of about 2.6x debt-to-EBITDA and adjusted debt-to-EBITDAR of 3.5x, based on the proposed $350 million issuance, the agency said.
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