NEW YORK (Standard&Poor's CreditWire) Oct. 2, 2000--Standard&Poor's today lowered its ratings on Office Depot Inc. (see list below). The ratings were simultaneously removed from CreditWatch negative. The outlook is stable. In addition, Standard&Poor's assigned its triple-'B'-minus rating to the company's new $300 million 364-day revolving credit agreement. The ratings downgrade is based on the significant decline in operating performance, and expectations that this trend may not reverse until a new turnaround strategy is implemented. Moreover, the company has become financially aggressive, as evidenced by recent significant share repurchases. The ratings reflect the company's meaningful position in the North American office products industry, strong balance sheet, and diversity of its distribution channels. These factors are
