Moody's: OfficeMax view developing

Moody's Investors Service said it changed the outlook for OfficeMax, Inc.'s B1 corporate family rating to developing from stable and affirmed all ratings.

The SGL-1 speculative grade liquidity rating is unchanged.

"The change in outlook to developing results from OfficeMax's announcement on February 20, 2013 that it was merging with Office Depot (CFR B2) in an all-stock deal structured as a merger of equals, with equal board representation," Moody's senior analyst Charlie O'Shea said in a news release.

"The developing outlook recognizes that it is very early in the merger process, with shareholder and regulatory approvals still to be obtained, as well as the selection of a management team for the combined company, with a targeted closing date by the end of calendar 2013. Moody's believes that the positives for Office Max resulting from the proposed merger include Office Depot's international business," O'Shea added in the release.

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