*NEWS*OFFICE DEPOT CREDIT RATING TO JUNK STATUS

  • mse-big-banner-new-03-17-2016-416716a-tonernews-web-banner-mse-212
  • clover-depot-intl-us-ca-email-signature-05-10-2017-902x1772
  • Print
  • futor_902x177v7-tonernew
  • 05 02 2016 429716a-cig-clearchoice-banner-902x177
  • ink-direct-banner-902-x-177-v-1-2-big-banner-03-23-2017
  • cartridgewebsite-com-big-banner-02-09-07-2016
  • 4toner4
  • 161213_banner_futorag_902x177px
  • 2toner1-2
  • banner-01-26-17b
Share

*NEWS*OFFICE DEPOT CREDIT RATING TO JUNK STATUS

 user 2008-04-16 at 2:29:04 pm Views: 63
  • #19382

    S&P cuts Office Depot credit rating to junk status
    Standard & Poor’s lowers Office Depot corporate credit rating to noninvestment grade
    April 
    2008:NEW YORK  – Standard & Poor’s Ratings Services on Tuesday cut
    its corporate credit rating for Office Depot Inc. to noninvestment
    grade status, citing a decline in operating performance at the
    company’s North America retail and business solutions segments.S&P
    cut the office products supplier’s corporate credit rating to “BB+”
    from “BBB-.” It also cut its ratings on both Office Depot’s senior
    unsecured $1 billion multicurrency revolving credit facility due 2012
    and $400 million of senior unsecured notes due 2013 to “BB+.”The
    ratings service assigned a “3″ recovery rating to the company’s $1
    billion multicurrency bank facility, and a “4″ recovery rating to its
    $400 million senior unsecured notes.All of the ratings were removed
    from CreditWatch, where they were placed in December with negative
    implications. The outlook is negative.S&P said it expects the tough
    economic environment to continue to pressure Office Depot’s performance
    this year.In addition, S&P said the company’s credit metrics have
    weakened and further erosion is expected this year.Office Depot shares
    fell 5 cents to $10.87 in afternoon trading