CHICAGO (Standard&Poor's) Dec. 15, 2008--Standard&Poor's Ratings Services said today it lowered its ratings on Boca Raton, Fla.-based Office Depot Inc., including its corporate credit rating, to 'BB-' from 'BB'. We also lowered the rating on the company's $400 million of senior unsecured notes due 2013 to 'B+' from 'BB-'. The recovery rating on these notes remains unchanged at '5', indicating the expectation for modest (10%-30%) recovery in the event of a payment default. The outlook is negative. "The rating change," said Standard&Poor's credit analyst Mark Salierno, "is based on our expectation that deteriorating macroeconomic conditions and the continued slowdown in consumer and corporate spending will lead to further near-term erosion in operating performance within
