Stable and significant cash flow generation, owing partly to the group's strong Dutch mail business Strong market positions in express and mail Strong global franchises across all business divisions, supported by strong brands Challenge to manage mail volume and margin decline in The Netherlands Further acquisition risk in the still very fragmented express industries Risk of heavier share buyback programs The ratings on Netherlands-based mail group TNT N.V. reflect the group's strong Dutch mail business, which remains very profitable and a significant cash generator for the group. The ratings also reflect the group's solid position as a global leader in the express business, supported by the strong TNT brand. We expect TNT's reported mail EBIT margins to decrease to about
