Fitch lowers Pitney Bowes

Fitch Ratings said it downgraded the ratings of Pitney Bowes Inc. and its subsidiary, Pitney Bowes International Holdings, Inc., including Pitney Bowes' long-term issuer default rating to BBB from BBB+, senior unsecured revolving credit facility to BBB from BBB+, senior unsecured term loan to BBB from BBB+ and senior unsecured notes to BBB from BBB+.

Fitch downgraded Pitney Bowes International's long-term IDR to BBB from BBB+ and preferred stock to BB+ from BBB-.

The outlook is negative.

The downgrade is based on Fitch's view that the secular challenges faced by Pitney Bowes, combined with the cyclicality inherent in the business, and the current credit protection metrics and free cash flow profile, are more commensurate with a BBB rating.

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