LONDON (Standard&Poor's) Sept. 5, 2001--Standard&Poor's today revised its outlook on the Netherlands-based mail, express, and logistics group TPG N.V. (TPG; formerly TNT Post Group N.V.) to stable from positive. The revision reflects concerns that the current uncertainty and weakness in the U.S. and European economies will impact sales growth and profitability in the group's express business, diluting the more favorable trends in mail and logistics. At the same time, Standard&Poor's affirmed its single-'A'/'A-1' corporate credit ratings on TPG, as well as its 'A-1' commercial paper rating on related entity TNT Post Group Finance B.V., which is guaranteed by TPG. The ratings on TPG reflect the company's strong position in the Dutch mail business and
