On Feb. 7, 2003, Standard&Poor's Ratings Services placed its 'A/A-1' corporate credit ratings on the Netherlands-based mail, express, and logistics group TPG N.V. on CreditWatch with negative implications, reflecting concerns that the company's financial profile may no longer be adequate for the rating once adjusted for pension liabilities. This follows Standard&Poor's Europe-wide review of rated industrial companies with exposure to unfunded post-retirement obligations and a stronger focus on the debt-like nature of these liabilities. The group reported a significant €949 million of provisions for pensions and retirement schemes at the end of December 2001. This provision is net of pension plan assets of almost €3.1 billion at Dec. 31, 2001. The value of these assets is
