Strong market position in the Dutch mail market. Strong brand recognition and network of operations that should support PostNL's new product offering and entrance into new markets. Exposure to a structurally declining mail sector and substantial regulation in its main geographies. Increasing e-commerce, which drives growth in the group's parcels and international business and helps to counterbalance the dwindling top-line revenue in mail. Our expectation of strong credit metrics for the rating resulting from a balanced approach to external growth and shareholder remuneration. Consistently robust liquidity profile stemming, among other things, from prudent treasury management. The stable outlook reflects our view that PostNL will be able to at least maintain its current credit metrics thanks to ongoing cost-saving initiatives and
