PostNL N.V. continues to underperform our expectations due to operational challenges in both the mail and parcel segments. We see no clear catalyst for a material medium-term profitability rebound, which is also reflected in the company's 2025 EBIT guidance that falls below our previous base case. We anticipate S&P Global Ratings-adjusted funds from operations (FFO) to debt to stay below 45%--our guideline for the previous 'BBB' rating. However, as the company continues to actively manage its costs and yields and control its capital spending, profitability will improve gradually, and the ratio will stabilize above 30%. We lowered our long- and short-term issuer credit ratings on PostNL to 'BBB-/A-3' from 'BBB/A-2' and our issue ratings on its senior unsecured notes due
