Fitch: Pitney Bowes unchanged

Fitch Ratings said that Pitney Bowes Inc.'s BBB+ issuer default rating is unchanged despite weaker than expected financial results for its quarter that ended Sept. 30.

The outlook remains negative.

The ratings already incorporated expectations that macroeconomic factors could further weaken revenues, Fitch said.

There is potential that cyclical results will push the credit profile outside of Fitch's target for a BBB+ rating for a sustained period of time, the agency added.

Given the level of secular challenges in the company's core mailing business, sustained cyclical pressures could lead to an overall financial and credit profile more commensurate with a BBB rating, Fitch said.

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