S&P cuts Pitney Bowes

Standard & Poor's said it lowered its corporate credit rating on Pitney Bowes Inc. to BBB from BBB+. At the same time, the agency said it affirmed its A-2 commercial paper rating.

The outlook is stable.

"The downgrade reflects PBI's lack of revenue growth, deterioration in its adjusted EBITDA margins and our expectation that adjusted leverage will remain in the high 2x area in the near-to-intermediate term," said S&P credit analyst Jake Schlanger in a news release.

S&P said the stable outlook incorporates expectations that revenues will stabilize in 2013, but EBITDA levels will continue to be pressured by an ongoing revenue mix shift away from the higher margin mail segment.

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