NEW YORK (Standard&Poor's CreditWire) March 15, 1999--Standard&Poor's today raised its ratings on Office Depot Inc. (see list below). The upgrade reflects Office Depot's improved operating performance, stronger lease-adjusted coverage of interest, and Standard&Poor's belief that there is less risk associated with the company's expansion and cash flow than in previous years. The ratings for Office Depot Inc. continue to reflect the company's position as the leading office products supplier in North America, consistently improving credit measures, and the diversity of its distribution channels. These factors are mitigated by the competitive business environment and international growth strategy. Delray Beach, Fla.-based Office Depot is the world's largest supplier of office products, with $9 billion in sales
