Office Depot disappointed with S&P rating

DELRAY BEACH, Fla. Office Depot said that it was disappointed with the decision Standard & Poor's Ratings Services (S&P) to lower the company’s credit rating from BBB- to BB+.

Commenting on the S&P ratings action, Office Depot chairman and ceo Steve Odland said, “Our management team is committed to taking every step necessary to improve the company’s performance. We have a strong turnaround plan in place and we are focused on executing that plan. We believe that we have identified the key growth and margin expansion initiatives that we need to succeed and deliver value for all of our constituents, and we believe that we are on track to improve our operating margins by 300 basis points over and above our normalized rate by year-end 2010. Office Depot is committed to maintaining a strong financial base to support our business as we move forward and focus on delivering value to our stockholders."

Odland went on to say that his company believes its  most recent fiscal quarter ended March 31, will demonstrate improved results over its last fiscal quarter ended December 29, 2007.