The ratings on Office Depot Inc. reflect the company's meaningful position in the North American office products industry, strong balance sheet, and diversity of its distribution channels. These factors are mitigated, somewhat, by recent operating weakness and the competitive nature of the office supply industry. Office Depot is a leading supplier of office products, with $11.5 billion in sales. The company operates about 824 office supply superstores in North America and about 132 stores internationally, mostly under joint venture and licensing agreements. As a result of the acquisition of Viking Office Products Inc., Office Depot holds a leading position in the mail order and contract stationer businesses, which, combined, represent about 25% of the company's consolidated sales. Office Depot has
