S&P gives BBB to Pitney Bowes notes

S&P said it assigned its BBB issue-level rating to Pitney Bowes Inc.'s announced $600 million senior unsecured notes due 2021.

Pitney Bowes intends to apply the net proceeds to refinance the entirety of its $300 million preferred stock, and the remainder to general corporate purposes, which may include the repayment of debt.

The agency said it views this transaction as consistent with Pitney Bowes' intermediate financial policy and risk profile, and expects that the company's leverage, including adjustments for operating leases, pensions, and surplus cash, will remain in the 2.5 times area in 2016 and 2017.

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