NEW YORK (Standard&Poor's CreditWire) Sept. 10, 1999--Standard&Poor's today revised its outlook on Office Depot Inc. to negative from stable. In addition, Standard&Poor's affirmed its triple-'B'-minus subordinated debt rating and triple-'B' corporate credit and bank loan ratings on Office Depot. The outlook revision reflects the decline in operating performance anticipated for 1999 due to the competitive pricing environment for the company's products and the challenges management faces to meaningfully improve profitability in the near term. In addition, Standard&Poor's is concerned that the company will complete its $500 million share repurchase plan over a relatively short time frame, further weakening its credit profile. The ratings on Office Depot reflect the company's position as the
