Date: Thursday May 5, 2005 09:57:00 am
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Xerox credit rating affirmed
MAI, 2005
Standard & Poor’s Rating Services says its outlook on
Xerox Corp. is positive, but is keeping the company’s bond ratings below
investment grade.
The rating
agency this week affirmed a ‘BB-’ corporate credit rating on Xerox but revised
its outlook to positive.
Standard & Poor’s said it expects Xerox to have consistent
profitability and cash flow in the near term and to have sufficient cash on hand
to meet short-term debt obligations.
Xerox chief financial officer Lawrence Zimmerman said last week that
Xerox had some $3.2 billion in cash and expected its cash position to improve.
Zimmerman also reported good first-quarter cash flow with operations generating
more than $200 million.
Standard and Poor’s said it expects Xerox to improve its debt profile by
paying off obligations early.
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