S&P affirms Office Max on merger deal

Standard & Poor's said it affirmed the B- corporate credit rating on OfficeMax Inc.

The outlook is stable.

The affirmation follows news that the company entered into a definitive agreement to merge with Office Depot Inc.

OfficeMax shareholders will receive 2.69 shares of Office Depot common stock for each share of OfficeMax common stock, said Charles Pinson-Rose, an S&P analyst.

The transaction is intended to qualify as a tax-free reorganization and is expected to be completed near the end of 2013 following a possible lengthy regulatory approval process, the agency said.

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