STAMFORD, Conn. -- Xerox Corporation (NYSE:XRX) today commented on a credit rating downgrade announced by Moody's Investor Services. "The downgrade is disappointing in light of our previously communicated turnaround plan, which is on track," said Paul A. Allaire, Xerox chairman and chief executive officer. "That plan includes asset dispositions, cost reductions and refocusing on our core business to rebuild our financial strength." Xerox also underscored that timely implementation of the asset sales and other initiatives of that plan will allow its liquidity to remain sufficient to meet the company's current and anticipated needs. Xerox noted that the Moody's report acknowledged that "Xerox's management is actively addressing its liquidity needs," and that the company "is actively engaged in discussions on a number of other alternative funding arrangements." "Our energies are directed on the rebuilding process and we are confident that we will return to financial stability and profitable revenue growth," Allaire said.