S&P: Pitney Bowes notes BBB

Standard & Poor's said it assigned a BBB rating to Pitney Bowes Inc.'s proposed offer of notes due 2043.

The proceeds will be used to purchase up to $310 million of outstanding notes due 2014, 2015 and 2016 for which the company has launched a tender as well as for general corporate purposes.

The BBB corporate credit rating, stable outlook and individual issue-level ratings are unaffected by the transaction, S&P said.

The ratings reflect the company's satisfactory business risk and intermediate financial risk profile and incorporate an expectation that operating trends will remain under pressure into 2013, the agency said.

The ratings reflect the company's relatively predictable and recurring cash flow supported by its significant market share in the United States postage meter market, where the company maintains its share of a shrinking market, S&P said.

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