Netherlands-based mail operator PostNL delivered a good operating performance in fiscal-year 2015, improving its margins and reducing adjusted net debt. The company's credit metrics are now commensurate with an intermediate financial risk profile. We project metrics to remain at least at this level. We are therefore upgrading PostNL to 'BBB/A-2' from 'BBB-/A-3'. The positive outlook reflects our belief that PostNL could complete the disposal of its stake in TNT and use the proceeds to further reduce debt, resulting in even stronger credit metrics. On April 28, 2016, Standard&Poor's Ratings Services raised its long- and short-term corporate credit ratings on Netherlands-based mail company PostNL N.V. to 'BBB/A-2' from 'BBB-/A-3'. The outlook is positive. The upgrade reflects our view that
