The ratings on the Netherlands-based mail group TNT N.V. reflect our assessment of its strong business risk profile, which is supported by the highly profitable and cash generative Dutch mail business, the group's solid position as a global leader in the express business, and its intermediate financial profile. These strengths are, in our view, partly offset by the group's participation in competitive markets, its exposure to cyclicality through its Express unit, and weakening volumes in its domestic mail operations. TNT's full-year 2008 results broadly reflect a stable first-half performance followed by a significantly weaker second half. In the year ended Dec. 31, 2008, TNT's underlying revenues at constant exchange rates increased by 4.0% compared with the previous year to €11.5
