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PBI » Topics » Credit-Risk-Related Contingent Features

This excerpt taken from the PBI 10-Q filed May 7, 2009.

Credit-Risk-Related Contingent Features

At March 31, 2009, Pitney Bowes maintained investment grade ratings of A / A1. Certain of our derivative instruments contain provisions that would require us to post collateral upon a significant downgrade in our long-term senior unsecured debt ratings. Based on derivative values at March 31, 2009, we would have been required to post $1.6 million in collateral had our long-term senior unsecured debt ratings fallen below BB- / Ba3.

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