NETHERLANDS – TPG, the Dutch logistics firm, has said it is surprised to be one of the companies put on credit watch by ratings firm Standard & Poor’s because of unfounded pension liabilities.

A spokesman at TPG said: “We have a financing policy that results in certain ratios that support our current rating – and we are within these ratios.”

“We have been sharing information with S&P and have been transparent, and in these open communications S&P told us that our pensions situation enabled us to maintain our current rating, so it has surprised us.”

Next Thursday TPG will report its 2002 full year results, which, the spokesman says will be key. “The results will give a full update to the market of our financial situation, and we will include information on our pensions situation.”

TPG, along with 11 other European corporates saw its ratings put on credit watch by S&P last week. Both TPG’s long-term rating of A, and short-term rating of A-1 have been put on negative credit watch. Other companies with ratings on credit watch include Arcelor, Michelin, Deutsche Post, GKN Holdings, Linde, Pilkington, Portugal Telecom, Rolls-Royce and Thyssen Krupp.


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