CHICAGO (Standard & Poor's) March 6, 2012--Standard & Poor's Ratings Services said today that it assigned its 'B-' issue-level rating to U.S.-based Office Depot Inc.'s (B-/Stable/--) proposed $250 million seven-year senior secured notes, which we expect to be privately placed under rule 144A without registration rights. The recovery rating on the proposed notes is '4', indicating that lenders could expect average (30% to 50%) recovery in the event of a payment default or bankruptcy.