Moody's lowers Pitney Bowes

Moody's Investors Service said it downgraded all of the debt ratings of Pitney Bowes Inc., including the senior unsecured rating to Baa1 from A2 and the short-term rating to Prime-2 from Prime-1.

The outlook is stable.

"The revised ratings reflect our expectation that Pitney Bowes' business and credit profile will be challenged over the intermediate term due to the ongoing secular decline in traditional mail delivery, as well as our expectation for worsening mail volume trends and increasing competition from alternative web-based providers," Moody's vice president Gregory Fraser said in a news release.

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