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Moody's may cut OfficeMax
Moody's Investors Service said it placed both the Ba1 corporate family rating and Baa2 secured note rating of OfficeMax, Inc. on review for possible downgrade based on unanticipated softness in OfficeMax's retail segment, as well as uncertainty with respect to the ongoing integration process of the company's wholesale and retail businesses.
Ratings placed on review for possible downgrade include corporate family rating at Ba1 and senior notes due 2013 at Baa2.
Moody's affirmed Office Max's speculative grade liquidity rating of SGL-2.
Office Max's operating performance for the first six months of 2005 has been weak, particularly in its retail segment which is barely profitable, resulting in a negative free cash flow profile and increased leverage, Moody's said.
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