S&P: OfficeMax unaffected

Standard & Poor's said its ratings on OfficeMax Inc. (BB/negative/--) were not immediately affected by the company's announcement regarding the resignation of OfficeMax's recently hired chief financial officer, the postponement of its fourth-quarter earnings release date and the expansion of the scope of its accounting investigation into vendor rebates for fiscals 2003 and 2004.

However, S&P said the announcement has heightened its concerns in regard to ratings maintenance.

S&P said there is no impact to ratings at this point in time because OfficeMax has adequate liquidity, with more than $1 billion in cash following the recent monetization of its timberland installment notes, the company expects to complete its internal accounting investigation by the third full week of February and OfficeMax expects to file its Form 10-K for fiscal 2004 within the time period prescribed by the Securities and Exchange Commission.

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