Netherlands-based mail company PostNL N.V. suffered a greater decline in addressed mail volumes in 2012 than we previously anticipated. We forecast that the decline in volumes will continue in 2013, and that price increases and the overall satisfactory performance of PostNL's parcels and international segments will not fully offset the decline. We forecast that PostNL's credit metrics will stay at levels that we do not view as commensurate with the current rating. We are therefore lowering our long- and short-term corporate credit ratings on PostNL to 'BBB-/A-3' from 'BBB/A-2'. The negative outlook reflects the likelihood of a further downgrade if PostNL is unable to achieve adjusted FFO to debt of 25% by 2015. LONDON (Standard&Poor's) April 25, 2013--Standard
