Fitch Cuts Xerox Debt Ratings to Junk Status

Fitch has thrown Xerox (XRX Quote) onto the junk pile, dropping the copier king's senior unsecured debt rating to BB from BBB- and the company's U.S. commercial paper to B from F3.

Fitch said the rating outlook is stable. The ratings change stemmed from Fitch's view that the company's financial performance has declined and will continue to do as the economy slows. The ratings agency said Xerox has limited financial flexibility, along with risky plans to execute cost reduction programs and implement a new operating strategy. ...