DBRS Discontinues Ratings of Pitney Bowes Inc. and Pitney Bowes of Canada Ltd.

DBRS has today discontinued the long-term ratings of Pitney Bowes of Canada Ltd. and Pitney Bowes Inc. and the Commercial Paper rating of Pitney Bowes of Canada Ltd. DBRS notes that this rating action was taken at the request of the issuers and is unrelated to the credit profile of either entity.

Notes:
The applicable methodology is Rating Companies in the Industrial Products Industry, which can be found on our website under Methodologies.

Ratings

Pitney Bowes Inc.

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-11	Senior Unsecured Debt	Discontinued	--	Disc.-W/drwn	CA

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Pitney Bowes of Canada Ltd.

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
03-Oct-11	Commercial Paper	Discontinued	--	Disc.-W/drwn	CA
03-Oct-11	Unsecured Medium & Long-Term Notes	Discontinued	--	Disc.-W/drwn	CA

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Pitney Bowes Inc.

Senior Unsecured Debt

Date Issued:Oct 3, 2011
Rating Action:Disc.-W/drwn
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:CA

Pitney Bowes of Canada Ltd.

Commercial Paper

Date Issued:Oct 3, 2011
Rating Action:Disc.-W/drwn
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:CA

Unsecured Medium & Long-Term Notes

Date Issued:Oct 3, 2011
Rating Action:Disc.-W/drwn
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:CA

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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