On June 11, 2004, Standard&Poor's Ratings Services revised its outlook on The Netherlands-based mail, express, and logistics group TPG N.V. to stable from negative on expectations of stable credit protection measures. At the same time, Standard&Poor's affirmed its 'A/A-1' corporate credit ratings on the group. The outlook revision reflects Standard&Poor's expectations that TPG will maintain credit protection measures at all times that are consistent with an 'A' long-term rating. In particular, we expect the group to maintain funds from operations to net debt (including operating leases and unfunded pensions) of more than 40%, EBITDA coverage of net interest (adjusted for interest on leases) of more than 8x, and free cash flow generation before dividends
