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 for general corporate purposes and to repay near-term debt maturities, S&P said.

The company’s BBB long-term and A-2 short-term corporate credit ratings are unchanged.

The ratings reflect an expectation that free cash flow will remain strong and consistent pro forma for the pending sale of the information technology outsourcing business, S&P said.

That improvement in the services segment will offset potential variability in document technology, the agency said, and management is expected to prudently administer its plan to return cash to shareholders.

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