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S&P cuts Xerox to BBB-
Standard & Poor's said it lowered all its ratings on Xerox Corp., including the corporate credit rating to BBB- from BBB, and placed them on CreditWatch with negative implications.
"The downgrade and CreditWatch placement follow Xerox's announcement on Jan. 29, 2016 that it plans to separate into two companies by the end of 2016, a document technology business with about $11 billion revenues for the 12 months ended Dec. 31, 2015 and a BPO services business with about $7 billion revenues for the 12 months ended Dec. 31, 2015," S&P credit analyst John Moore said in a news release.
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