Stable and significant cash flow generation in mail division, which provides solid basis for the group; Sound market positions in express and logistics; Conservative financial profile; and Sound free cash flow after capital expenditures. 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 in mail and logistics likely; and Risk of potential share buybacks. The ratings on The Netherlands-based TPG N.V. reflect the group's strong position in the Dutch mail business, its good position in the global express and logistics businesses, and its conservative financial profile. At March 31, 2004, TPG had total debt of about €3.0 billion ($3.6 billion), which
