DBRS drops Pitney Bowes

DBRS said it has downgraded the long-term ratings of Pitney Bowes of Canada Ltd. and Pitney Bowes Inc. to A from A (high) and confirmed the commercial paper rating on Pitney Bowes of Canada Ltd. at R-1 (low).

All trends are stable.

The rating action primarily reflects the increased risk in the company's business profile, which is no longer commensurate with the previous A (high) long-term rating, the agency said.

The company's operating results are viewed as more volatile than previously expected, and DBRS said it believes that its core credit metrics are unlikely to materially improve over the near to medium term.

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