Home Credit Ratings and Research S&P Global Ratings’ Credit Research Office Depot Inc.

Research Update: Office Depot 'BB+' Corporate Credit Rtg On Watch Neg After Q2 Prelim Results Announcement

Published Jul 08, 2008

649 words — Published Jul 08, 2008

Price US$ 225.00 | Buy this Report Now

About This Report

Abstract:

On July 8, 2008, Standard&Poor's Ratings Services placed its 'BB+' corporate credit and other issue ratings on Delray Beach, Fla.-based Office Depot Inc. on CreditWatch with negative implications. This action follows today's announcement that the company projects a continued decline of sales and earnings in the second quarter of 2008, driven by weakness in the company's North American Retail segment. Office Depot indicated that same-store sales during the quarter declined 10% from the prior year, and that EBIT margins were 200 to 250 basis points weaker than anticipated. Standard&Poor's lowered its ratings on Office Depot back in April to 'BB+' from 'BBB-', and assigned a negative outlook to the company, following the erosion in operating performance

Brief Excerpt:

RESEARCH Research Update: Office Depot '##+' Corporate Credit Rtg On Watch Neg After Q2 Prelim Results Announcement Publication date: 08-Jul-2008 Primary Credit Analyst: Mark Salierno, New York (1) 212-438-1121; mark_salierno@standardandpoors.com...

Report Type:

Research Update

Ticker

ODP

Issuer

Office Depot Inc.

GICS

Specialty Stores (25504040)

Sector

Global Issuers

Country

United States

Region

United States

Format:

HTML

Office Depot Inc. Downgraded To 'BB'; Off Watch; Outlook Negative – 2008/10/07 – US$ 150.00

Research Update: Office Depot Inc. Corporate Credit Rating Lowered To 'BB'; Off Watch; Outlook Negative – 2008/10/07 – US$ 225.00

Office Depot Inc. – 2008/10/16 – US$ 500.00

Summary: Office Depot Inc. – 2008/10/17 – US$ 225.00

Office Depot Inc. Downgraded To 'BB-'; Outlook Negative – 2008/12/15 – US$ 150.00

Office Depot Inc. 'BB+' Corporate Credit Rating Placed On CreditWatch Negative – 2008/07/08 – US$ 150.00

Office Depot Inc. Corporate Credit Rating Removed From Watch And Cut To 'BB+'; Outlook Neg – 2008/04/15 – US$ 150.00

Research Update: Office Depot Inc. Corporate Credit Rating Off Watch And Lowered To 'BB+'; Outlook Negative – 2008/04/15 – US$ 225.00

Office Depot 'BBB-' Corporate Credit Rating Remains On Watch Neg After Q4 Results Released – 2008/02/29 – US$ 150.00

Research Update: Office Depot Inc. 'BBB-' Corporate Credit Rating Still Watch Neg Following Weak Q4 Results – 2008/02/29 – US$ 225.00

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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Research Update: Office Depot 'BB+' Corporate Credit Rtg On Watch Neg After Q2 Prelim Results Announcement" Jul 08, 2008. Alacra Store. May 16, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Office-Depot-BB-Corporate-Credit-Rtg-On-Watch-Neg-After-Q2-Prelim-Results-Announcement-658513>

APA:	S&P Global Ratings’ Credit Research. (). Research Update: Office Depot 'BB+' Corporate Credit Rtg On Watch Neg After Q2 Prelim Results Announcement Jul 08, 2008. New York, NY: Alacra Store. Retrieved May 16, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Office-Depot-BB-Corporate-Credit-Rtg-On-Watch-Neg-After-Q2-Prelim-Results-Announcement-658513>

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