The ratings on The Netherlands-based mail, express, and logistics group TPG N.V. reflect the group's strong position in the Dutch mail business, as well as its good position in the global express and logistics businesses, and its overall conservative financial profile. Despite TPG's currently weak pension-adjusted credit protection measures, Standard&Poor's expects its financial profile to improve in line with ratios for the 'A' rating category in the medium term. At June 30, 2003, TPG had total debt of about €3.1 billion ($3.4 billion), which includes about €1.4 billion of lease-adjustments and guarantees, but excludes unfunded pension obligations. The ratings are underpinned in particular by TPG's stable and cash-generative mail business, which benefits from a strong EBITA margin of
