Moody's: Office Depot outlook negative

Moody's Investors Service said it affirmed the Baa3 senior unsecured rating of Office Depot, Inc. and changed the outlook to negative from stable.

The outlook reflects continued softness in Office Depot's operating performance during early 2008 and the likelihood that the second half of 2008 will be challenged as well, the agency said.

Office Depot's Baa3 rating considers its credit metrics and its firm No. 2 position, the agency said.

These characteristics are balanced by the difficult macroeconomic-fueled operating environment in the United States, which is compressing operating performance, Moody's said.

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