FRANKFURT (Standard&Poor's) Sept. 29, 2004--Standard&Poor's Ratings Services said today that the announcement by The Netherlands-based mail, express, and logistics group TPG N.V. (A/Stable/A-1) that it has agreed to repurchase 20.7 million of its ordinary shares from the State of The Netherlands (AAA/Stable/A-1+) will have no impact on the ratings and outlook on the company. Settlement of the repurchase will take place in two tranches: 7.6 million shares at settlement of the share placement by the state; and a further 13.1 million shares in January 2005. Standard&Poor's expects the group to maintain funds from operations to net debt (including operating leases and unfunded pensions) of more than 40%, EBITDA coverage of net interest (adjusted for
