On Feb. 29, 2008, Standard&Poor's Ratings Services said that its ratings on Office Depot Inc., including the 'BBB-' corporate credit rating, remain on CreditWatch with negative implications. We originally placed the ratings on CreditWatch on Dec. 14, 2007, following the Delray Beach, Fla.-based company's announcement that it had projected continued erosion of sales and earnings in the fourth quarter of 2007. As expected, Office Depot announced weak fourth-quarter results; difficult housing-related economic conditions in key markets such as Florida and California continued to hurt the company's financial results. We expect these trends to continue to pressure performance, at least through the first half of 2008. In addition, our review will also consider the following recent events: In January
