The ratings on The Netherlands-based mail, express, and logistics group TPG N.V. reflect its strong position in the Dutch mail business, its good position in the global express and logistics businesses, and its overall conservative financial profile. Despite TPG's somewhat 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 Sept. 30, 2003, TPG had total debt of about €3.1 billion ($3.6 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 benefited from a strong EBITA margin of almost 21% in
