Research Update: Pitney Bowes Inc. Rating Lowered To 'BBB', Reflecting Decline In Revenues And EBITDA Nov 12
- Language: English
- Published: November 2012
The 'AAA' rating on Stamford, Conn.'s bonds reflects the city's: Deep and diverse economic and tax base; Strong financial operations and performance, despite a city ordinance prohibiting carrying an unreserved general fund balance; High income levels; and Manageable debt burden. The bonds are secured by an unlimited ad valorem tax pledge of the city. Stamford, in southwestern Connecticut and in easy commuting distance to New York City, is the third-largest corporate headquarters community in the country. Numbered among its major employers are leading names in banking, insurance, office equipment, cosmetics, and information technology, including Pitney Bowes Inc. (3,058 employees), a mailing and office products manufacturer; UBS Warburg (2,900), a global investment and risk management company; and General Electric Capital (2,000),...
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Action: New Rating
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