Moody's rates Pitney bonds Baa2

Moody's Investors Service said it assigned a Baa2 rating to Pitney Bowes, Inc.'s offering of senior bonds due 2043.

The outlook is stable.

Proceeds will be used to refinance a portion of the company's outstanding debt and for general corporate purposes.

The agency said Pitney Bowes' Baa2 rating reflects the sizable market position of its core postal metering business within the mature office equipment industry.

Nonetheless, Pitney Bowes faces particularly tough business challenges as its meter equipment installed base shrinks due to the secular decline in traditional mail delivery and increasing competition from alternative online providers, Moody's said.

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