On March 26, 2012, we placed our 'BBB' long-term corporate credit rating on The Netherlands-based mail company PostNL N.V. on CreditWatch positive following United Parcel Service Inc.'s (UPS) announcement that it had reached agreement with PostNL to acquire TNT Express. PostNL has committed to tender its 29.8% share in TNT Express N.V. to UPS for a cash consideration of about €1.54 billion. We understand that PostNL's management plans to use a large part of the proceeds for net debt reduction, which, if it materialized, could lead us to reassess the company's financial risk profile. We are keeping our 'BBB' corporate credit rating on PostNL on CreditWatch positive, reflecting the potential for an improvement in the company's financial risk profile. We
