Moody's may cut Pitney Bowes

Moody's Investors Service said it placed the A1 long-term rating of Pitney Bowes International Holdings, Inc., along with its A1 senior unsecured rating and A3 preferred stock rating, under review for possible downgrade following news of the company's earnings expectations for full year results. The prime-1 short-term rating is not under review.

For the second quarter that ended June 2010, Pitney Bowes reported revenue and operating profit declines of 6% and 12%, the agency said.

The company also revised full-year guidance for revenue, on a constant currency basis, to decline up to 3%, Moody's said. The agency said it believes this revision reflects an incrementally weaker economic environment as compared to six months ago.

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