Fitch lowers Office Depot de Mexico to negative

Fitch Ratings said it affirmed Office Depot de Mexico SA de CV's long-term local-currency and foreign-currency issuer default ratings at BB+.

The outlook also was revised to negative from stable.

The outlook revision reflects the adverse impact of currency depreciation in Office Depot de Mexico's leverage, Fitch said.

The company’s credit quality continues to reflect its leadership position in the office products super-store segment, diversified geographical footprint and consistent cash flow generation, Fitch said.

The ratings also consider the company’s sound liquidity position and the expectation that the company will successfully integrate and align the recent acquisitions into its operations and financial results, the agency said.

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