NY -- Standard&Poor's CreditWire 6/16/98 -- Standard&Poor's today raised its ratings on Office Depot Inc., removing them from CreditWatch where they were place with positive implications Feb. 23, 1998. Office Depot's corporate credit and bank loan ratings were raised to triple-'B'-minus from double-'B'-plus. The rating on the company's two issues of Liquid Yield Option Notes was raised to double-'B'-plus from double-'B'-minus. The outlook is positive. The upgrades 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 somewhat mitigated by its competitive business environment and rapid growth strategy. Delray Beach, Fla.-based Office Depot is the world's largest supplier of
