On July 9, 2007, Standard&Poor's Ratings Services revised its outlook on Office Depot Inc. to stable from positive and affirmed its 'BBB-' corporate credit and other ratings. This action reflects expectations that Office Depot will no longer be able to achieve further improvement in its credit metrics for 2007 because of a reversal in its same-store sales trends. Same-store sales for the second quarter of 2007 are expected to decline 4%-5% following a 3% decline in the first quarter. This compares with same-store sales growth of 2% in fiscal 2006. Additionally, margins in its North American Business Solutions Division remain under pressure because of increased investments in its contract sales force and the implementation costs associated with a
