Moody's ups Xerox

Moody's Investors Service said it raised Xerox Corp. and supported subsidiaries' senior unsecured rating to Baa2 from Baa3. Xerox's trust preferred rating was upgraded to Baa3 from Ba1.

The upgrades reflect the company's solid competitive position, its good business execution, stable profitability and solid free cash flow generation, the agency said.

The outlook is positive.

"While Moody's anticipates consistent operational execution and stable operating margins in the 8% to 9% range, product pricing remains very competitive, especially with the faster growing color copiers, where Xerox is well-positioned," Moody's Richard Lane said in a written statement.

"This will require continued focus on operational efficiencies and cost management," Lane said.

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