Stable and significant cash flow generation in mail division; Cash flows from mail division provide solid basis for the group; Sound market positions in express and logistics; Overall conservative financial profile; and Sound free cash flow after capital expenditures and dividends. Challenge to manage letter volume decline in the Netherlands and to maintain high margins in mail; Challenge to significantly improve profitability in the underperforming logistics division; Further acquisitions likely in the medium to long term; Currently weak credit protection measures for the rating category; and Risk of potential share buybacks. 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
