Moody's cuts Pitney Bowes ratings |
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Thu, 31 May 2007 21:20
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NEW YORK (AP) - Moody's Investors Services on Thursday cut the rating on long-term debt issued by Pitney Bowes Inc., citing a higher debt ratio following its $408 million acquisition of MapInfo.Moody's dropped the rating one notch to 'A1,' down from 'Aa3,' leaving the debt firmly in the ranks of investment grade.'The downgrade was driven by the incremental debt level and expectations that management will maintain this slightly higher level of leverage going forward,' Moody's said in a statement.Pitney Bowes makes postage meters and mailing equipment.Its shares fell 24 cents to $47.74 in late trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Pitney Bowes completes MapInfo purchase 