NEW YORK (Standard&Poor's) June 5, 2013--Standard&Poor's Ratings Services said today that Office Depot Inc.'s announcement that it agreed to sell its 50% stake in Office Depot de Mexico to Grupo Gigante SAB has no immediate impact on our 'B-' corporate credit rating and stable outlook on the company. The transaction will need regulatory and Grupo Gigante's shareholder approval to be completed. Office Depot expects gross proceeds to be about $690 million with after tax net proceeds near $550 million. Office Depot announced that it will use sale proceeds to pay down its $150 notes due in August and redeem its preferred equity—which we view as debt like. While these measures will enhance the company's credit protection
