In February 2012, the credit rating for Pitney Bowes International Holdings was lowered by Fitch Ratings from BBB+ to BBB. The ratings agency said its main concern was "the downward trajectory" of Pitney Bowes' revenue, and added that they have a "negative outlook." In March 2014, Moody's assigned a long-term rating of Baa2 to the company's proposed $350 million senior unsecured notes (due 2024) and reiterated their stable outlook on PBI. Moody's cited "an improvement in the company's operating margin to around 19%, from about 15% historically, following the sale of its labor intensive management services business" and "an operational restructuring which could yield annual cost savings of up to $170 million by 2016."