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S&P keeps Office Depot on watch
Standard & Poor's said its ratings on Office Depot Inc., including the BBB- corporate credit rating, remain on CreditWatch with negative implications.
The ratings were originally placed on CreditWatch on Dec. 14 following the company's announcement that it had projected continued erosion of sales and earnings in the fourth quarter.
As expected, Office Depot announced weak fourth-quarter results - difficult housing-related economic conditions in key markets such as Florida and California continued to hurt the company's financial results - and the agency said it expects these trends to continue to pressure performance, at least through the first half of 2008.
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