Stable and significant generation in the Dutch mail business. Strong position in the Dutch mail market. Strong liquidity profile. The liberalization and structural decline of the Dutch mail market threatens volumes in the Mail business. Potential pension cash payouts, rebranding costs, and costs associated with the company's wide-ranging restructuring plan could put pressure on cash flow over the next two years, in our opinion. The ratings on Netherlands-based mail company PostNL N.V., formerly TNT N.V., reflect Standard&Poor's Ratings Services' view of its strong business risk profile, which is supported by its good track record of maintaining better operating efficiency and cash flow generation in its core Dutch mail business than its other European postal peers, and its significant
