NY -- Standard&Poor's CreditWire 12/9/96 -- Standard&Poor's ratings on Staples Inc. and Office Depot Inc. remain on CreditWatch where they were placed with positive implications Sept. 5, 1996 (see list below). However, Standard&Poor's has determined that once the merger of the two office products retailers is completed, the corporate credit ratings for each entity will be raised to triple-`B'-minus (from double-`B' for Staples and from double-`B'-plus for Office Depot). Therefore, ratings on each company's subordinated debt will be double-`B'-plus. In addition, a bank loan rating of triple-`B'-minus will be assigned to the new prospective revolving credit facility. The prospective rating change is based on the combined entity's industry leading position and significant synergy potential
