XEROX’S CREDIT RATING AFFIRMED

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XEROX’S CREDIT RATING AFFIRMED

 user 2005-05-05 at 10:00:00 am Views: 81
  • #9262

    Xerox  credit  rating  affirmed 
    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