Stable and significant cash flow generation, owing partly to the group's strong Dutch mail business; Strong market positions in express, mail, and freight management; and Strong global franchises across all business divisions supported by strong brands. Challenged to manage mail volume and margin decline in the Netherlands; Further acquisition risk in the still very fragmented express industries; and Risk of heavier share-buyback programs. The ratings on TNT N.V. reflect the group's strong Dutch mail business, which remains very profitable and a significant cash generator for the group. It also reflects its solid position as a global leader in the express and freight management businesses, supported by the strong TNT brand. The ratings continue to be underpinned by TNT's stable mail
