Moody

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"While the first quarter outperformedthe company's expectations, results were stilol significantly below the comparable priot year period,” Moody’s VP and senior analystt Charles O'Shea noted. Moody's downgradedx Office Depot’s corporate family and probability of default ratingss to B2from B1, and the company'es senior unsecured notes to Caa1 from B3. The outlookk is negative, reflecting Moody's concern that further deterioration in Office Depot's credit metrics already considered weak for the curreng rating – could occur this year "Givem that a potential recovery in this segmenr may not occur until late 2009 or earlty 2010, and Office Depot's concentration in the stilpl hard-hit California and Florida markets, Moody'as feels it likely that the company's credit profils could continue to deteriorate for the balanc e of 2009," O'Shea said. The last rating action for OfficseDepot (NYSE: ODP) was Feb. 26, when Moody'se lowered the company's corporatee family and probability of defaulyt ratings to B1from Ba3, downgradec the senior unsecured notes to B3 from B1, and placed the company'e ratings on review for furtherd possible downgrade. Shares were down 15 percengt to close at The 52-week high was $14.05 on May 15, 2008. The 52-weei low was 59 centa on March 9.