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S&P lowers Office Depot
Standard & Poor's said it lowered its corporate credit rating on Office Depot Inc. to BB from BB+.
The agency said it also lowered the ratings on the company's $400 million of senior unsecured notes due 2013 to BB- from BB+ and changed the recovery rating on these notes to five from 4.
The outlook is negative.
The agency added that the downgrade is based on the continued decline in operating performance in both the North American Retail and Business Solutions segments, and expectations that worsening economic trends will continue to pressure performance for the remainder of fiscal 2008 and into fiscal 2009.
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