Dutch mail company PostNL N.V. (formerly TNT N.V.) has completed the demerger of its Express division. We now assess PostNL's financial risk profile as significant, mainly due to the smaller base of earnings and cash flows that PostNL has to fund its debt and debt-like obligations. We are lowering the long-term rating on PostNL to 'BBB' from 'BBB+', removing it from CreditWatch negative, and affirming the 'A-2' short-term rating. The stable outlook reflects our opinion that PostNL should be able to achieve credit metrics that we consider commensurate with the new rating. LONDON (Standard&Poor's) June 1, 2011--Standard and Poor's Rating Services said today that it lowered its long-term corporate credit rating on Dutch mail company PostNL N.V. (formerly
