The ratings on TNT Post Group N.V. (TPG) reflect the company's strong position in the Dutch mail business and its good position in the global express and logistics businesses, combined with an overall conservative financial profile. Despite high capital expenditures and acquisitions made in 2000, Standard&Poor's expects no significant net debt increase against year-end 1999. TPG's ratings are underpinned by its stable and cash-generative mail business, which contributed 42% of the group's €8.5 billion ($8.0 billion) total revenues and 76% of its €981 million EBITDA in 1999. In the first half of 2000, revenue growth remained strong, with revenues up 19.5% to €4.7 billion, roughly evenly split between internal and external growth. TPG has a very strong position
