S&P cuts Pitney Bowes

Standard & Poor's said it lowered its long-term corporate credit rating on Pitney Bowes Inc. to BBB+ from A, along with its short-term rating to A-2 from A-1.

The outlook is stable.

The ratings reflects weaker-than-expected growth expectations for the second half of 2010, S&P said, driven by an acceleration of recent trends to extend leases on existing equipment rather than enter into new sales contracts, and lengthening sales cycles for enterprise customers.

The stable outlook is based on room within the rating for continued operating weakness in U.S. Mail that is not fully offset by sufficient restructuring actions or other growth areas, the agency said.

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