S&P may cut United Parcel Service - Reuters Overview -- United Parcel Service (UPS) recently announced that the regulatory authorities in Europe are moving to a phase two review of its proposed acquisition of TNT Express N.V. -- UPS also announced that it has reached an agreement with the New England Teamsters and Trucking Industry Pension Fund (NETTI) to restructure the withdrawal liability related to that plan. -- We are evaluating the company's exposure to multiemployer pension plans as part of our review. -- We are keeping our ratings on UPS on CreditWatch with negative implications, where we had placed them after UPS first announced its plan to acquire TNT. -- Based on UPS' publicly disclosed plans to finance its planned acquisition of TNT, we could lower the rating one notch if the merger proceeds. Even if that does not occur, we could lower ratings if we believe that potential liability under MEPPs will prevent the company from achieving credit measures that we judge as acceptable for the current ratings.