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.