Fitch rates Postbank convertible

Fitch Ratings said it assigned Deutsche Post Finance BV's prospective €983.25 million Deutsche Post/Postbank senior exchangeable notes due 2007 an expected senior unsecured A+ rating. The exchangeable notes will be unconditionally and irrevocably guaranteed by Deutsche Post AG, which is rated A+/F1 with stable outlook.

The ratings reflect the strength of the stable, regulated, monopolistic and cash generative mail division, as well as the high execution risks linked to the integration of the acquired DHL and Airborne express activities in the United States - a market dominated by Fedex and UPS, according to Fitch.

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