Netherlands-based mail company PostNL N.V. has reported stable operating performance for 2013, and has offset a higher-than-anticipated decline in mail volumes by increasing its prices and implementing recurring cost savings earlier than we expected. Moreover, the partial monetization of PostNL's stake in TNT Express has helped to improve credit metrics further. We are therefore revising our outlook on PostNL to stable from negative and affirming our 'BBB-' corporate credit rating on the company. The stable outlook reflects our view that PostNL will be able to at least maintain its current credit metrics thanks to cost-saving initiatives and prudent financial policy. On April 29, 2014, Standard&Poor's Ratings Services revised its outlook on Netherlands-based mail company PostNL N.V. to stable
