Fitch: Staples on watch

Fitch Ratings said it has placed the following ratings for Staples, Inc. on rating watch negative: issuer default rating BBB+, bank credit facility BBB+ and senior notes BBB+.

Fitch said that its rating action follows Staples' proposal to acquire all the outstanding shares of Corporate Express NV ordinary stock for a per ordinary share of €7.25, representing a total enterprise value of €2.5 billion or $3.7 billion.

Fitch said that it expects the all cash proposal will be funded with a combination of debt, operating cash flow and cash on the balance sheet.

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