DBRS New Issue – Xerox Corporation

Dominion Bond Rating Service (DBRS) has assigned a rating of BB (high) to $650 million in senior notes issued by Xerox Corporation (Xerox, or the Company). These notes rank pari passu with other senior unsecured debt. The notes were issued in two tranches comprising $500 million with a coupon of 6.75%, maturing in 2017 and $150 million with a floating rate, maturing 2009.

The net proceeds from the sale of the senior notes are expected to be used to fund customer financing activities and for general corporate purposes.

Note: All figures are in U.S. dollars unless otherwise noted.