The ratings on Delray Beach, Fla.-based Office Depot Inc. reflect the company's solid position in the North American office products industry, diverse distribution channels, recent operating improvement, and adequate financial measures. However, the U.S. office supply industry is mature, which has caused key players to increase their focus on new, riskier markets, particularly in Europe. Office Depot is a leading supplier of office products, with $13.6 billion in sales in 2004. The company operates about 969 office supply superstores in North America and 231 stores in the rest of the world as wholly owned stores and joint ventures, as well as through licensing agreements. Office Depot also holds a leading position in the U.S. mail-order and contract stationer businesses, which
