The ratings on the Netherlands-based mail, express, and logistics group TPG N.V. reflect the company's strong position in the Dutch mail business, as well as its good position in the global express and logistics businesses, combined with a conservative financial profile. In the first nine months of the financial year 2002, the group's mail business contributed 34% of its €8.6 billion sales, and 68% of its €0.8 billion nonlease-adjusted EBITA. The mail division had one of the highest earnings before interest, taxes, and amortization (EBITA) margins (19.3%) of European postal operators, attained through high automation, which allows for lower staff costs. This is despite the fact that underlying addressed mail volumes in the Netherlands have declined by almost 3% in
