S&P puts Pitney Bowes on watch

Standard & Poor's said it placed Pitney Bowes Inc.'s A+ corporate credit rating on CreditWatch with negative implications due to its high leverage, a continued emphasis on shareholder returns, the strategic review of the management services business segment and the near-term cash costs of recently announced restructuring actions.

The A-1 short-term rating is not on CreditWatch. The agency said the rating reflects its expectation that total adjusted debt to EBITDA will not exceed 2 times as a temporary peak. This level is consistent with the A-1 short-term rating but not necessarily with maintaining an A+ long-term rating, S&P noted.

The total adjusted debt-to-EBITDA ratio was 1.9 times as of Sept. 30.

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