Stable and significant cash flow generation in the Dutch mail business Strong market positions in express and mail Strong global franchises across all business divisions Falling mail volumes and margins in The Netherlands Further acquisition risk in the still very fragmented express industries Potential further share buybacks The ratings on The Netherlands-based mail group TNT N.V. reflect its strong Dutch mail business, which remains very profitable and a significant cash generator for the group. The ratings also reflect TNT's solid position as a global leader in the express business, which the strong TNT brand supports. Standard&Poor's Ratings Services expects TNT's reported mail EBIT margins to decrease to about 15% in the medium term, as we expect falling volumes
