Fitch rates Pitney Bowes notes BBB-

Fitch Ratings said it assigned a BBB- rating to Pitney Bowes Inc.'s proposed offering of retail notes due 2043.

The company has an issuer default rating of BBB-, BBB- rating on its senior unsecured revolving credit facility, BBB- rating on its senior unsecured term loan, BBB- on its senior unsecured notes, F3 short-term issuer default rating and F3 commercial-paper rating.

The proceeds will be used to fund tender offers.

Fitch said it views the transaction as a slight credit positive as it will improve Pitney Bowe's near-term liquidity by pushing out upcoming maturities.

The retail notes will be unsecured obligations and pari passu with existing debt at Pitney Bowes, the agency said.

In conjunction with proposed offering, the company also announced cash tender offers for its 4.875% notes due 2014; 5% notes due 2015 and 4.75% notes due 2016. The maximum tender that can be accepted will be $160 million of the 2014 notes, $100 million of the 2015 notes and $50 million of the 2016 notes.

The tender offers partially address the material annual maturities Pitney Bowes faces over the next several years, Fitch said.

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