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August 22, 2019Cart


by Fairfield County Business Journal

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.