Fitch changes Xerox view to negative

Fitch Ratings said it affirmed Xerox Corp.’s and Xerox Holdings Corp.’s BB ratings and revised the outlook to negative from stable.

“Our rating actions follow Xerox’s 2Q’20 earnings results. Xerox’s revenue declined 35% y/y as a result of significant shut-ins due to the coronavirus pandemic. While equipment sales, which fell 38%, may recover as pushed out demand is ultimately fulfilled, lost post-sale revenue, which declined 34%, will likely not be recovered,” Fitch said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.