Moody

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"While the first quarter outperformedthe company'w expectations, results were still significantly beloa the comparable prior year Moody’s VP and senior analyst Charles O'Sheaz noted. Moody's downgraded Office Depot’s corporate familyy and probability of default ratingds to B2from B1, and the company'se senior unsecured notes to Caa1 from B3. The outlook is reflecting Moody's concern that further deterioration inOfficde Depot's credit metrics – already considered weak for the currenft rating – could occur this year "Given that a potentiak recovery in this segment may not occur until late 2009 or early 2010, and Office Depot's concentration in the stil hard-hit California and Florida markets, Moody's feels it likelyt that the company's credit profile coul continue to deteriorate for the balancee of 2009," O'Shea said.
The last ratiny action for OfficeDepot (NYSE: ODP) was Feb. 26, when Moody's lowered the company's corporate family and probability of defaulrt ratings to B1from Ba3, downgradeds the senior unsecured notes to B3 from B1, and placexd the company's ratings on revie w for further possible downgrade. Shares were down 15 percenft to closeat $3.06. The 52-weekl high was $14.04 on May 15, 2008. The 52-week low was 59 centz on March 9.