Moody's rates Pitney Bowes notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to Pitney Bowes, Inc.'s proposed $350 million senior notes due 2024. The outlook is stable.

Proceeds will be used for general corporate purposes, which includes debt refinancing.

The agency said Pitney Bowes is the leader in postal metering yet faces challenges from the secular decline in traditional mail delivery and online providers who will pressure pricing in its small and mid-sized business segment.

The stable outlook reflects Moody's view that despite the anticipated deterioration of revenues in the core mailing business and operating margins in the near term, the company is in a position to address its business challenges given its leverage position and longer term cash flow generating potential.

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