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August 22, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Moody’s slashes Xerox’s ratings to junk grade

Moody’s Investors Services has downgraded Xerox Corp. from investment grade to junk.

According to a Bloomberg report, the Norwalk-headquartered company saw its rating demoted from Ba1 from Baa3 with a negative outlook. The ratings agency stated that its decision was based on uncertainty over Xerox’s revenue based on how it was responding to global competition and a decline for copy and printing services.

Moody’s is the second ratings agency to downgrade Xerox, with Fitch Ratings taking an earlier action in August. Xerox is also under review for a downgrade by S&P Global Ratings, with their watch period expected to end prior to Christmas.