Standard&Poor's ratings on Office Depot Inc. remain on CreditWatch, however the implications are revised to negative from positive. The ratings on Staples Inc. remain on CreditWatch with positive implications. This follows the Federal Trade Commission's decision to block the proposed merger on the grounds that it would violate antitrust laws and lead to higher prices for office supplies. The ratings where placed on CreditWatch Sept. 5, 1996 (see list below). While Staples and Office Depot are evaluating whether they will challenge the Federal Trade Commission's ruling in court, Standard&Poor's expects that an appeal will be a protracted procedure with little likelihood of success. Therefore the ratings assessment focuses on the individual companies on a stand alone
