The survey, compiled by the management consulting firm Hay Group, asked executives, directors, and analysts to rate 1,400 companies on criteria such as innovation, investment value and global competitiveness. Xerox ranked No. 1 in its category for key reputation attributes including use of corporate assets, quality of management and social responsibility.

"Xerox's reputation ranks right up there with our people, our brand and our innovation as our most valuable assets," said Anne Mulcahy, Xerox chairman and chief executive officer. "We invest in it, we nurture it and we know that every single Xerox person helps define how we are perceived in the marketplace.

"This ringing endorsement of our reputation from the business community is a point of great pride for us and reflects our rich heritage of quality service, world class technology, and commitment to our people and to the communities where they work and live," she added. "As important, this recognition as a most admired company in our industry raises the bar for how we'll continue to deliver value for all our stakeholders."

Highlighted by FORTUNE as the definitive report card on corporate reputations, the Most Admired survey results are featured in the March 16 issue of FORTUNE, and are accessible now online at www.fortune.com.

"Any company that can perform well and maintain its good name during the worst recession in 75 years is arguably more admirable than the best performer during boom times," said Geoff Colvin, FORTUNE senior editor at large, in the magazine's overview story. "With admiration in such short supply, it's more valuable than ever - and in a season of global economic tumult, reputation is more volatile than ever."