Netherlands-based mail company PostNL N.V. is selling its 29.8% share in Netherlands-based courier, express, and parcels company TNT Express N.V. to United Parcel Service Inc. for about €1.54 billion. The tender process is continuing as planned, but is subject to regulatory approval. We understand that PostNL's management plans to use a large part of the proceeds of the sale for net debt reduction. If this materializes, it could lead us to revise our assessment of the company's financial risk profile upward. We are therefore keeping our 'BBB' corporate credit rating on PostNL on CreditWatch positive to reflect that an improvement in the company's financial risk profile could lead to an upgrade. The ongoing CreditWatch placement reflects the possibility of an
