S&P OfficeMax unaffected

Standard & Poor's said Monday that OfficeMax Inc.'s (BB/negative/--) announcement that it has begun an investigation into certain vendor allegations has no immediate impact on the current ratings or outlook on the company.

Currently, OfficeMax believes that the dispute is related to approximately $3.3 million in claims billed to a vendor by the company during 2003 and 2004.

S&P said it will continue to monitor the development of this investigation. If the magnitude of the investigation becomes material, then ratings will be reviewed. OfficeMax is postponing a decision as to the form and timing of share repurchases until the investigation is completed.

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