S&P rates Xerox notes BBB-

Standard & Poor's said it assigned a BBB- rating to the senior unsecured notes to be issued by Xerox Corp.

The proceeds will be used to repay near-term debt maturities, among other general corporate purposes.

The ratings reflect an expectation that cash flows will remain strong and consistent, that stability in the services segment will offset potential variability in equipment operating trends and that management will prudently administer its plan to return cash to shareholders, S&P said.

With annual revenues in excess of $22.6 billion, Xerox's adjusted EBITDA is expected to expand modestly in the absence of restructuring charges, the agency said.

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