Xerox

(XRX) - Get Report

was falling in the premarket after Moody's put more than $7 billion of its debt on review for a possible downgrade.

The bond rating agency said the review reflects its concern that Xerox might have a hard time improving profits and its balance sheet in 2002. The company has reported five consecutive quarterly losses.

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On Instinet, Xerox was losing 65 cents, or 6%, to $9.75.