Netherlands-based mail company PostNL delivered solid operating results in 2014, because price increases and gains from cost-savings programs more than offset the impact from declining mail volumes. We believe that the likely continued solid earnings performance and also potential sale of PostNL's remaining stake in TNT Express to FedEx Corp. could further strengthen PostNL's credit metrics. We are revising the outlook on PostNL to positive from stable, and affirming our 'BBB-/A-3' corporate credit ratings. The positive outlook reflects the possibility of an upgrade by up to two notches if PostNL continues to improve its financial performance and/or sold its stake in TNT Express and reduced debt. On April 28, 2015, Standard&Poor's Ratings Services revised its outlook on Netherlands-based
