On April 15, 2008, Standard&Poor's Ratings Services lowered its corporate credit rating on Delray Beach, Fla.-based Office Depot Inc. to 'BB+' from 'BBB-'. We also lowered the ratings on both Office Depot's senior unsecured $1 billion multicurrency revolving credit facility due 2012 and $400 million of senior unsecured notes due 2013 to 'BB+'. At the same time, we assigned a '3' recovery rating to the company's $1 billion multicurrency bank facility, indicating the expectation for meaningful (50%-70%) recovery in the event of a payment default. We also assigned a '4' recovery rating to the company's $400 million senior unsecured notes, indicating the expectation for average (30%-50%) recovery in the event of a payment default. We removed all debt
