S&P: OfficeMax on watch

Standard & Poor's said it placed its ratings for OfficeMax Inc., including the BB corporate credit rating and senior unsecured debt rating, on CreditWatch negative.

This action reflects S&P's concerns regarding the company's softer-than-expected results for the fourth quarter and the resignation of its chief executive officer, Christopher C. Milliken.

The company now needs to fill three key senior management positions, including that of CEO, chief financial officer and president of the retail business.

S&P said it expects that OfficeMax's credit measures will be weaker than expected and weak for the current rating, with lease-adjusted debt to EBITDA at around the mid 4x area.

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