Corporate Express N.V. http://www.alacrastore.com/company-snapshot/Corporate_Express_N_V-1009527 Saturday, July 26, 2008 1:40:44 PM 1009527 Corporate Express N.V. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/moodys/PR_157168_600050386moodys/PR_157168_600050386htmlGlobal Credit Research Rating Action ## JUN #### Rating Action: Buhrmann US Inc. Moody's changes direction of Corporate Express review (CFR Ba#) to possible upgrade from direction uncertain New York, June ##, #### -- Moody's Investors...6/13/2008 12:26:25 AMhtmlBuhrmann US Inc.Corporate Express N.V.Buhrmann US Inc.; Corporate Express N.V.600050386600050385150.0000NewsRating ActionPR_157168_600050386Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/653642spcred/653642normThe latest Research Update from S&Pglobal6/12/2008 12:57:00 PM175Research Update653642NetherlandsOffice Services & SuppliesEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsHigh TechnologyMedia & EntertainmentRetailResearch UpdateOn June 11, 2008, Standard&Poor's Ratings Services revised the CreditWatch implications of its 'BB-' long-term corporate credit rating on Netherlands-based office products distributor Corporate Express N.V. back to positive from developing. The ratings were originally placed on CreditWatch with positive implications on Feb. 19, 2008, following the initial €2.5 billion cash offer for its stock made by Framingham, Mass.-based Staples Inc. (BBB+/Watch Neg/A-2), and subsequently revised to CreditWatch with developing implications after Corporate Express' proposed acquisition of France-based office products supplier Lyreco S.A. for €1.731 billion. The latest CreditWatch revision reflects the recent announcement that Corporate Express will withdraw its bid for Lyreco, thereby removing potential downside to Corporate Express' rating quality that emanated from the potential debtNLD12007Q12007520201060 202010 2020 20Corporate Express N.V.339248EUROMIDAFRUSABUHR@NARESUPDUSA12007585503020201060 202010 2020 2025504040 255040 2550 25Staples Inc.Corporate Express U.S. Finance Inc.116106375454USAEUROMIDAFR16736ZSPLSGLOBISSCORPHighMediaRetailCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/newstex/MCOM-0004-25943572newstex/MCOM-0004-25943572xml Jun. ##, #### (M# Communications Ltd. delivered by Newstex) -- Staples Inc (Nasdaq:SPLS), an office products superstore, announced on Wednesday (## June) that Staples Acquisition BV, the company's wholly owned subsidiary, has reached...04000000040160000401600502000000020020000200200602001000020010116/12/2008 12:23:55 PM1800000018016000M2 EquityBitesMCOM-0004-25943572CORPORATE EXPRESS NVSTAPLES INCRONALD SARGENTCXPSPLSNewsNewstexhttp://www.alacrastore.com/storecontent/spcred/653511spcred/653511normThe latest Research Update from S&Pglobal6/11/2008 6:25:08 PM175Research Update653511NetherlandsOffice Services & SuppliesEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsHigh TechnologyMedia & EntertainmentRetailResearch UpdateOn June 11, 2008, Standard&Poor's Ratings Services revised the CreditWatch implications of its 'BB-' long-term corporate credit rating on Netherlands-based office products distributor Corporate Express N.V. back to positive from developing. The ratings were originally placed on CreditWatch with positive implications on Feb. 19, 2008, following the initial €2.5 billion cash offer for its stock made by Framingham, Mass.-based Staples Inc. (BBB+/Watch Neg/A-2), and subsequently revised to CreditWatch with developing implications after Corporate Express' proposed acquisition of France-based office products supplier Lyreco S.A. for €1.731 billion. The latest CreditWatch revision reflects the recent announcement that Corporate Express will withdraw its bid for Lyreco, thereby removing potential downside to Corporate Express' rating quality that emanated from the potential debtNLD12007Q12007520201060 202010 2020 20Corporate Express N.V.339248EUROMIDAFRUSABUHR@NARESUPDUSA12007520201060 202010 2020 20Corporate Express U.S. Finance Inc.375454EUROMIDAFRUSA16736ZGLOBISSCORPHighMediaRetailCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/653489spcred/653489normThe latest News from S&Pglobal6/11/2008 6:25:00 PM100News653489NetherlandsOffice Services & SuppliesEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsMedia & EntertainmentNewsLONDON (Standard&Poor's) June 11, 2008--Standard&Poor's Ratings Services said today it revised the CreditWatch implications of its 'BB-' long-term corporate credit rating on Netherlands-based office products distributor Corporate Express N.V back to positive from developing. The ratings were originally placed on CreditWatch with positive implications on Feb. 19, 2008, following the initial €2.5 billion cash offer for its stock made by Framingham, Mass.-based Staples Inc. (BBB+/Watch Neg/A-2), and subsequently revised to CreditWatch with developing implications after Corporate Express' proposed acquisition of France-based office products supplier Lyreco S.A. for €1.731 billion. The latest CreditWatch revision reflects the recent announcement that Corporate Express will withdraw its bid for Lyreco. "This event removes potential downside to Corporate Express' rating qualityNLD12007Q12007520201060 202010 2020 20Corporate Express N.V.339248EUROMIDAFRUSABUHR@NANEWSGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_155861_600050386moodys/PR_155861_600050386htmlGlobal Credit Research Rating Action ## MAY #### Rating Action: Buhrmann US Inc. Moody's reviews ratings of Corporate Express (CFR at Ba#) London, ## May #### -- Moody's Investors Service today put the ratings of Corporate Express...5/23/2008 12:38:40 AMhtmlBuhrmann US Inc.Corporate Express N.V.Buhrmann US Inc.; Corporate Express N.V.600050386600050385150.0000NewsRating ActionPR_155861_600050386Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/649850spcred/649850normThe latest News from S&Pglobal5/22/2008 3:22:10 PM100News649850NetherlandsOffice Services & SuppliesEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsMedia & EntertainmentNewsMADRID (Standard&Poor's) May 22, 2008--Standard&Poor's Ratings Services said today that it has assigned a recovery rating of '1' to the new secured debt issues of Corporate Express U.S. Finance Inc., the U.S. subsidiary of Netherlands-based office products distributor Corporate Express N.V. (BB-/Watch Dev/--). The recovery rating indicates our expectation of very high (90%-100%) recovery for secured creditors in the event of a payment default. At the same time, we assigned our 'BB+' issue-level rating to this debt, two notches higher than our corporate credit rating on the parent, in accordance with the '1' recovery rating. The issue-level rating was placed on CreditWatch with developing implications, in line with the corporate credit rating. The issues comprise aNLD12007Q12007520201060 202010 2020 20Corporate Express N.V.339248EUROMIDAFRUSABUHR@NANEWSUSA12007520201060 202010 2020 20Corporate Express U.S. Finance Inc.375454EUROMIDAFRUSA16736ZGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/649565spcred/649565normThe latest News from S&Pglobal5/21/2008 12:58:17 PM100News649565NetherlandsOffice Services & SuppliesEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsMedia & EntertainmentNewsOn May 21, 2008, Standard&Poor's Ratings Services revised to developing from positive the implications of its CreditWatch placement of its 'BB-' long-term corporate credit rating on Netherlands-based office products distributor Corporate Express N.V. The ratings were originally placed on CreditWatch with positive implications Feb. 19, 2008. "The rating action comes after a major acquisition proposal by Corporate Express and signals a potential downside to rating quality emanating from the debt component of the acquisition funding, as well as the integration risk to the combined business," said Standard&Poor's credit analyst Marketa Horkova. Corporate Express today offered to acquire 100% of the share capital of one of its competitors, France-based office products supplier Lyreco S.A. for €1.731 billion.NLD12007Q12007520201060 202010 2020 20Corporate Express N.V.339248EUROMIDAFRUSABUHR@NANEWSGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/649566spcred/649566normThe latest Research Update from S&Pglobal5/21/2008 12:58:17 PM175Research Update649566NetherlandsOffice Services & SuppliesEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsRetailMedia & EntertainmentResearch UpdateOn May 21, 2008, Standard&Poor's Ratings Services revised to developing from positive the implications of its CreditWatch placement of its 'BB-' long-term corporate credit rating on Netherlands-based office products distributor Corporate Express N.V. The ratings were originally placed on CreditWatch with positive implications Feb. 19, 2008. The rating action comes after a major acquisition proposal by Corporate Express and signals a potential downside to rating quality emanating from the debt component of the acquisition funding, as well as the integration risk to the combined business. Corporate Express today offered to acquire 100% of the share capital of one of its competitors, France-based office products supplier Lyreco S.A. for €1.731 billion. The original CreditWatch placement reflected the €2.5 billionNLD12007Q12007520201060 202010 2020 20Corporate Express N.V.339248EUROMIDAFRUSABUHR@NARESUPDUSA85503025504040 255040 2550 25Staples Inc.116106USASPLSGLOBISSCORPRetailMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_149562_600050385moodys/PR_149562_600050385htmlMoody's comments on Corporate Express' ratings following Staples' offer to acquireAnnouncement2/21/2008 12:33:35 AMCorporate Express N.V.600050385150.0000NewshtmlCorporate Express N.V.PR_149562_600050385Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/625841spcred/625841normThe latest Full Report from S&P1/15/2008 3:32:36 PMFull Report400global625841NetherlandsOffice Services & SuppliesEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsMedia & EntertainmentFull ReportLeading market positions and share in North America, Australia, and Europe Extensive and efficient distribution capability Sensitivity to the business cycle, particularly white-collar employment Highly competitive nature of the global office products market Highly leveraged financial risk profile The ratings on The Netherlands-based office products distributor Corporate Express N.V. reflect its highly leveraged financial risk profile; sensitivity to the business cycle, particularly white-collar employment; and highly competitive nature of the global office products market. The ratings are supported by the group's leading market positions in North America, Australia, and Europe, together with Standard&Poor's Ratings Services' expectation that Corporate Express will continue to broadly sustain its operating performance, despite the economic slowdown in the U.S. Debt protection measures areNLD12007512007Q20201060 202010 2020 20Corporate Express N.V.339248EUROMIDAFRUSABUHR@NAFULLGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_600050385moodys/COP_600050385htmlGlobal Credit Research Credit Opinion ## JUN #### Credit Opinion: Corporate Express N.V. Corporate Express N.V. Amsterdam, Netherlands Ratings Category Moody's Rating Outlook Rating(s) Under Review Corporate Family Rating *Ba# Sr Sec...1/3/2008 7:54:00 PMhtmlCorporate Express N.V.Corporate Express N.V.600050385150.0000NewsCredit OpinionCOP_600050385Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/623524spcred/623524normThe latest Full Report from S&P12/31/2007 8:28:23 AMFull Report400global623524NetherlandsOffice Services & SuppliesEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsMedia & EntertainmentFull ReportLeading market positions and share in North America, Australia, and Europe Extensive and efficient distribution capability Sensitivity to the business cycle, particularly white-collar employment Highly competitive nature of the global office products market Highly leveraged financial risk profile The ratings on The Netherlands-based office products distributor Corporate Express N.V. reflect its highly leveraged financial risk profile; sensitivity to the business cycle, particularly white-collar employment; and highly competitive nature of the global office products market. The ratings are supported by the group's leading market positions in North America, Australia, and Europe, together with Standard&Poor's Ratings Services' expectation that Corporate Express will continue to broadly sustain its operating performance, despite the economic slowdown in the U.S. Debt protection measures areNLD12007Q12007520201060 202010 2020 20Corporate Express N.V.339248EUROMIDAFRUSABUHR@NAFULLGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/623525spcred/623525normThe latest Summary from S&P12/31/2007 8:28:23 AMSummary175global623525NetherlandsOffice Services & SuppliesEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsMedia & EntertainmentSummaryThe ratings on The Netherlands-based office products distributor Corporate Express N.V. reflect its highly leveraged financial risk profile; sensitivity to the business cycle, particularly white-collar employment; and highly competitive nature of the global office products market. The ratings are supported by the group's leading market positions in North America, Australia, and Europe, together with Standard&Poor's Ratings Services' expectation that Corporate Express will continue to broadly sustain its operating performance, despite the economic slowdown in the U.S. Debt protection measures are weak for the ratings due to lower underlying profits generated from the key North American division that were not fully offset by increased profitability in Europe, Australia, and the printing systems division. For the 12 months to Sept.NLD12007Q12007520201060 202010 2020 20Corporate Express N.V.339248EUROMIDAFRUSABUHR@NASUMMARYGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/529145spcred/529145normThe latest News from S&P12/23/2007 11:36:26 PMNews100global529145NetherlandsOffice Services & SuppliesEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsMedia & EntertainmentNewsLONDON (Standard&Poor's) Aug. 29, 2006--Standard&Poor's Ratings Services said today it affirmed its 'BB-' corporate credit rating on The Netherlands-based office products distributor Buhrmann N.V. following the announcement of its intention to acquire Andvord Tybring-Gjedde ASA (ATG), an office products group in the Nordic region, for Ç282 million (including debt and costs). The outlook remains stable. The purchase will be funded by debt facilities and will, therefore, increase Buhrmann's pro forma adjusted-debt-to-EBITDA ratio to 4.7x, from 4.2x at June 30, 2006. "The acquisition will exhaust all the group's financial flexibility within the ratings, including that for add-on acquisitions," said Standard&Poor's credit analyst Sunita Kara. Although leverage of 4.2x is commensurate for the ratings, the flexibilityNLD12007Q12007520201060 202010 2020 20Buhrmann N.V.339248EUROMIDAFRUSABUHR@NANEWSGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_63104_600050386moodys/PR_63104_600050386htmlRating Action12/21/2007 4:58:32 AMGlobal Credit Research Rating Action ## DEC #### Rating Action: Buhrmann US Inc. MOODY'S LOWERS BUHRMANN N.V.'S UNSECURED RATINGS TO B#; SENIOR IMPLIED AND SENIOR SECURED RATINGS LOWERED TO B#; OUTLOOK STABLE Approximately $#.# Billion...Buhrmann US Inc.600050386150.00Newshtml600050385Buhrmann N.V.Buhrmann N.V.; Buhrmann US Inc.PR_63104_600050386Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/619238spcred/619238normThe latest News from S&P12/12/2007 10:32:24 AMNews100global619238NetherlandsOffice Services & SuppliesEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsMedia & EntertainmentNewsLONDON (Standard&Poor's) Dec. 12, 2007--Standard&Poor's Ratings Services said today it affirmed its 'BB-' long-term corporate credit rating on Netherlands-based office products distributor Corporate Express N.V. The rating was removed from CreditWatch with negative implications, where it had been placed on Sept. 7, 2007. The outlook is negative. "The affirmation reflects that the erosion in the company's profitability is not as severe as initially expected," said Standard&Poor's credit analyst Marketa Horkova. "The company's credit measures were below expectations for the 12 months to Sept. 30, 2007," Ms. Horkova added. "Nevertheless, once proceeds from the disposal of ASAP Software, the effect of a share repurchase by majority-owned subsidiary Corporate Express Australia, and the acquisition of Canada-basedNLD12007Q12007520201060 202010 2020 20Corporate Express N.V.339248EUROMIDAFRUSABUHR@NANEWSGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/619239spcred/619239normThe latest Research Update from S&P12/12/2007 10:32:24 AMResearch Update175global619239NetherlandsOffice Services & SuppliesEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsMedia & EntertainmentResearch UpdateOn Dec. 12, 2007, Standard&Poor's Ratings Services affirmed its 'BB-' long-term corporate credit rating on Netherlands-based office products distributor Corporate Express N.V. The rating was removed from CreditWatch with negative implications, where it had been placed on Sept. 7, 2007. The outlook is negative. The affirmation reflects that the erosion in the company's profitability is not as severe as initially expected. The company's credit measures were below expectations for the 12 months to Sept. 30, 2007. Nevertheless, once proceeds from the disposal of ASAP Software, the effect of a share repurchase by majority-owned subsidiary Corporate Express Australia, and the acquisition of Canada-based Davenport Office are factored in, financial ratios, namely fully adjusted net debt to EBITDA, will returnNLD12007Q12007520201060 202010 2020 20Corporate Express N.V.339248EUROMIDAFRUSABUHR@NARESUPDUSA12007520201060 202010 2020 20Corporate Express U.S. Finance Inc.375454EUROMIDAFRUSA16736ZGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/600202spcred/600202normThe latest News from S&P9/7/2007 8:28:00 AMNews100global600202NetherlandsOffice Services & SuppliesEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsMedia & EntertainmentNewsLONDON (Standard&Poor's) Sept. 7, 2007--Standard&Poor's Ratings Services said today it placed its 'BB-' long-term corporate credit rating on Netherlands-based office products distributor Corporate Express N.V. on CreditWatch with negative implications, reflecting a deterioration in the company's financial profile as well as an erosion in profitability. "The CreditWatch placement reflects the fact that the minimum financial guidelines commensurate with the ratings have been breached, namely fully adjusted net debt to EBITDA, which now exceeds 4.7x," said Standard&Poor's credit analyst Marketa Horkova. "Standard&Poor's is concerned that the prevailing soft macroeconomic conditions could delay the restoration of better ratios." All financial flexibility within the rating has been exhausted and at current leverage levels there isNLD12007Q12007520201060 202010 2020 20Corporate Express N.V.339248EUROMIDAFRUSABUHR@NANEWSGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/600203spcred/600203normThe latest Research Update from S&P9/7/2007 8:28:00 AMResearch Update175global600203NetherlandsOffice Services & SuppliesEurope, Middle East, AfricaUnited StatesGlobal IssuersCorporationsMedia & EntertainmentResearch UpdateOn Sept. 7, 2007, Standard&Poor's Ratings Services placed its 'BB-' long-term corporate credit rating on Netherlands-based office products distributor Corporate Express N.V. on CreditWatch with negative implications, reflecting a deterioration in the company's financial profile as well as an erosion in profitability. The CreditWatch placement reflects the fact that the minimum financial guidelines commensurate with the ratings have been breached, namely fully adjusted net debt to EBITDA, which now exceeds 4.7x. Standard&Poor's is concerned that the prevailing soft macroeconomic conditions could delay the restoration of better ratios. All financial flexibility within the rating has been exhausted and at current leverage levels there is no headroom for further operational underperformance or potential acquisitions, even on a smallerNLD12007Q12007520201060 202010 2020 20Corporate Express N.V.339248EUROMIDAFRUSABUHR@NARESUPDUSA12007520201060 202010 2020 20Corporate Express U.S. Finance Inc.375454EUROMIDAFRUSA16736ZGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Research