S&P downgraded PostNL's credit rating due to low profitability.

S&P Global Ratings has downgraded the credit rating of PostNL, a Dutch e-commerce and postal operator, citing the company's poor performance and weak profitability. The long- and short-term issuer credit rating was lowered from 'BBB/A-2' to 'BBB-/A-3'. Similarly, the rating for the company’s unsecured bonds maturing in 2026 and 2031 has been reduced from 'BBB' to 'BBB-', though the outlook remains stable.

PostNL is facing operational challenges in both its postal and parcel segments, with no clear catalyst for significant profitability recovery in the medium term. The company expects adjusted EBITDA to fall below previous forecasts, with a projected rise in EBITDA occurring at a slower pace in 2025 and 2026. Despite these difficulties, gradual improvements in profitability are anticipated, supported by strong demand for affordable products from Asia.