Moody's may cut Pitney Bowes

Moody's Investors Service said it placed the A2 long-term and prime-1 short-term ratings of Pitney Bowes Inc. and its affiliates under review for downgrade.

The review is the result of continued deterioration in operating results, which stems from the ongoing secular decline in traditional mail delivery, as well as an expectation for worsening mail volume trends and increasing competition, Moody's said.

Pitney Bowes said it experienced weaker-than-anticipated operating performance in 2011, a year of muted economic growth, the agency said.

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