...Support-Driven IDRs: The IDRs, Support Rating (SR) and Support Rating Floor (SRF) of La Banque Postale (LBP) reflect Fitch Ratings' view that there is an extremely high probability that the French state (AA+/Stable), the bank's 100% indirect shareholder through La Poste (LP, France's state-owned post office, AA-/Stable), would provide support to LBP in case of need. This would possibly be through LP. While LP's willingness to provide support to LBP is also considered extremely high, Fitch considers that its ability to act independently is more limited. Strategic Importance Through La Poste: Fitch considers the probability of state support to be extremely high given LBP's key importance to and integration with LP, full ownership by LP and LP's full ownership by the French state. LBP operates through LP's postal agencies network and uses LP's sales employees. As the major contributor to LP's operating profit, any large losses at LBP would severely impact LP. Modest Profitability: Performance...
