Home Credit Ratings and Research S&P Global Ratings’ Credit Research Office Depot Inc.

Office Depot Inc. Downgraded To 'BB'; Off Watch; Outlook Negative

Published Oct 07, 2008

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Abstract:

CHICAGO (Standard&Poor's) Oct. 7, 2008--Standard&Poor's Ratings Services said today it lowered its corporate credit rating on Delray Beach, Fla.-based Office Depot Inc. to 'BB' from 'BB+'. We also lowered the ratings on the company's $400 million of senior unsecured notes due 2013 to 'BB-' from 'BB+' and changed the recovery rating on these notes to '5' from '4', indicating the expectation for modest (10%-30%) recovery in the event of a payment default. We have withdrawn the bank loan and recovery ratings on the company's previous senior unsecured $1 billion multicurrency revolving credit facility due 2012 and this facility was replaced by a new $1.25 billion asset-based revolving credit facility due 2013 (unrated). We removed all debt

Report Type:

Ratings Action

Ticker

ODP

Issuer

Office Depot Inc.

GICS

Specialty Stores (25504040)

Sector

Global Issuers

Country

United States

Region

United States

Format:

HTML

Office Depot Inc. – 2008/10/16 – US$ 500.00

Summary: Office Depot Inc. – 2008/10/17 – US$ 225.00

Office Depot Inc. Downgraded To 'BB-'; Outlook Negative – 2008/12/15 – US$ 150.00

Research Update: Office Depot Inc. Corporate Credit Rating Lowered To 'BB-'; Outlook Negative – 2008/12/15 – US$ 225.00

Office Depot Inc. Downgraded To 'B' Based On Weaker Credit Metrics – 2009/02/26 – US$ 150.00

Research Update: Office Depot Inc. Corporate Credit Rating Lowered To 'BB'; Off Watch; Outlook Negative – 2008/10/07 – US$ 225.00

Office Depot Inc. 'BB+' Corporate Credit Rating Placed On CreditWatch Negative – 2008/07/08 – US$ 150.00

Research Update: Office Depot 'BB+' Corporate Credit Rtg On Watch Neg After Q2 Prelim Results Announcement – 2008/07/08 – US$ 225.00

Office Depot Inc. Corporate Credit Rating Removed From Watch And Cut To 'BB+'; Outlook Neg – 2008/04/15 – US$ 150.00

Research Update: Office Depot Inc. Corporate Credit Rating Off Watch And Lowered To 'BB+'; Outlook Negative – 2008/04/15 – US$ 225.00

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Office Depot Inc. Downgraded To 'BB'; Off Watch; Outlook Negative" Oct 07, 2008. Alacra Store. May 16, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Office-Depot-Inc-Downgraded-To-BB-Off-Watch-Outlook-Negative-675507>

APA:	S&P Global Ratings’ Credit Research. (). Office Depot Inc. Downgraded To 'BB'; Off Watch; Outlook Negative Oct 07, 2008. New York, NY: Alacra Store. Retrieved May 16, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Office-Depot-Inc-Downgraded-To-BB-Off-Watch-Outlook-Negative-675507>

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