Press Release

TPG achieves positive Standard & Poors credit rating review outcome

Publish Date : 2 April 2003 at 05:14 CET - Standard & Poors has announced today that mail, express and logistics company TPG has been taken off its 'Credit Watch' list and has reconfirmed its current single A and A-1 corporate credit ratings.

Although S&P also stated the outlook for TPG is negative, pending improvement of certain credit protection ratios, all ratings were removed from Credit Watch where they were placed on 7 February 2003.

TPG's Chief Financial Officer Jan Haars commented: "Whilst not entirely unexpected, we are of course delighted by the positive outcome. S&P have today reiterated their continued appreciation of the quality of our businesses, financial policy and strong balance sheet. We are confident that with our continuing primary focus on value creation and cash flow generation, underpinned by our value based management programme, the negative outlook will be removed."

TPG recently announced a record 33 percent increase in operating cash flow in 2002 and a strengthened balance sheet position.

Page publication date: 2 April 2003 at 05:14 CET