S&P lowers Xerox

S&P said it downgraded Xerox Holdings Corp.’s issuer credit rating to BB from BB+.

“We now expect revenues to decline by about 25% in 2020 and margins to fall to about 10%, materially below our prior forecast. Xerox’s reported significant revenue declines of about 35% in the second quarter resulted in material margin and free operating cash flow pressures. We expect continued revenue headwinds in 2020, with revenues declining in the mid-20% range and margins compressing to about 10% down from 13%-14% over the past few years.

The outlook is stable.

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