U.S. office products company Office Depot's restructuring efforts have resulted in meaningful cost reductions and improved profitability, albeit at low levels. We are affirming the company's 'B' corporate credit rating and revising the outlook to stable from negative. The stable outlook reflects our expectations for adequate liquidity, modest profit growth, and credit measure improvement. On Feb. 26, 2010, Standard&Poor's Ratings Services affirmed its 'B' corporate credit rating on Boca Raton, Fla.-based Office Depot Inc. and revised the outlook to stable from negative. At the same time, we affirmed the 'B-' issue rating on the company's $400 million 6.25% senior unsecured notes due 2013. The recovery rating on the notes remains '5', indicating that lenders can expect modest (10%-30%)
