The ratings on The Netherlands-based mail and express group TNT N.V. reflect Standard&Poor's Ratings Services' 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 leading integrator in the global express business; and its intermediate financial profile. These strengths are, in our view, partially offset by the group's participation in competitive markets, its exposure to cyclicality through its Express unit, and declining volumes in its domestic mail operations. In financial year ended Dec. 31, 2009, TNT's underlying revenues at constant exchange rates fell 5.3% from the previous year, to €10.6 billion, and underlying operating income decreased by 21.5%, to €896 million. At constant
