On April 2, 2003, Standard&Poor's Ratings Services affirmed its 'A' long-term and 'A-1' short-term corporate credit ratings on the Netherlands-based mail, express, and logistics group TPG N.V. All ratings were removed from CreditWatch, where they were placed on Feb. 7, 2003. The outlook is negative. These actions conclude the credit review carried out by Standard&Poor's over the past few weeks. The affirmation is based on Standard&Poor's expectations that, despite TPG's currently weak pension-adjusted credit protection measures, its financial profile will improve to be in line with ratios for the 'A' rating category in the medium term. The ratings reflect TPG's strong position in the Dutch mail business, as well as its good position in
