Standard & Poor’s put Xerox on its watch list.
The rating agency said problems at Xerox’s Crum & Forster insurance subsidiary and weak sales of business equipment were the chief causes for the negative action. S&P; noted that Xerox planned to infuse $200 million into the insurance unit and take a $160-million charge against third-quarter earnings. It suggested that continuing poor results at Crum & Forster likely will force Xerox to provide additional capital for the insurer in the near future.
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