On Aug. 5, 2003, Standard&Poor's Ratings Services assigned its 'BBB-' rating to Office Depot Inc.'s planned $300 million senior unsecured note offering due 2013. Standard&Poor's also affirmed its 'BBB-' corporate credit rating on Office Depot. The outlook is stable. The senior unsecured notes will be issued under Rule 144A with registration rights and the proceeds will be used for general corporate purposes. The ratings reflect the company's meaningful position in the North American office products industry, strong balance sheet, diverse distribution channels, and recent operating improvement. These factors are somewhat mitigated by the maturing U.S. office supply industry, which has resulted in key players increasing focus on new markets, particularly Europe. Office Depot is a leading
