CHICAGO (Standard&Poor's) March 6, 2012--Standard&Poor's Ratings Services said today that it assigned its 'B-' issue-level rating to U.S.-based Office Depot Inc.'s (B-/Stable/--) proposed $250 million seven-year senior secured notes, which we expect to be privately placed under rule 144A without registration rights. The recovery rating on the proposed notes is '4', indicating that lenders could expect average (30% to 50%) recovery in the event of a payment default or bankruptcy. At close, the existing $400 million 6.25% senior unsecured notes due August 2013 will become senior secured obligations of the company, though we view its proposed collateral package as being weaker than the proposed collateral package securing the new $250 million notes. The 'CCC+' rating on
