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Bond Market News
Xerox Downgraded to Ba3 by Moody’s
March 6, 2024
Xerox Holdings (‘Xerox’) and its backed senior unsecured debt were downgraded by a notch to Ba3 and B1 respectively by Moody’s. Xerox’s senior unsecured debt was also downgraded by two notches to B2 by the rating agency. The downgrade reflects Moody’s expectation that Xerox’s operating performance will remain under pressure due to a secular decline in demand for printers and office copiers. Xerox’s 2H23 revenue was below Moody’s expectations and its adjusted debt to EBITDA was at 4x as of December 2023, compared to a low of 3.0x at the end of 2Q2023. Moody’s has a negative outlook on the entity reflecting its declining revenue expectations for the next year.
Xerox’s bonds traded stable with its 5% 2025s at 98.6 cents on the dollar, yielding 6%
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