NEW YORK (Standard&Poor's) July 8, 2008--Standard&Poor's Ratings Services said today it placed its 'BB+' corporate credit and other issue ratings on Delray Beach, Fla.-based Office Depot Inc. on CreditWatch with negative implications. "This action follows today's announcement that the company projects a continued decline of sales and earnings in the second quarter of 2008," said Standard&Poor's credit analyst Mark Salierno, "driven by weakness in the company's North American Retail segment." Office Depot indicated that same-store sales during the quarter declined 10% from the prior year, and that EBIT margins were 200 to 250 basis points weaker than anticipated.
