...Business Profile, Capital Support Ratings: La Banque Postale S.A.'s (LBP) ratings reflect its insurance-heavy business mix, as fully owned CNP Assurances SA (A/Stable) represents about 60% of LBP's assets and drives its profitability. Fitch Ratings views capitalisation metrics as commensurate with risks, although capital is not fully fungible between LBP and CNP. The ratings also consider LBP's risk profile, which is sensitive to market risk, higher vulnerability to sovereign exposure than peers, sound asset quality, and strong funding and liquidity. The Issuer Default Rating (IDR) is one notch above the Viability Rating (VR) to reflect that the bank meets its minimum requirement for own funds and eligible liabilities (MREL) without recourse to senior preferred debt. Public-Sector-Owned Bancassurer: LBP is a fully fledged and integrated bancassurer, with CNP its main performance driver. LBP has a significant but underperforming franchise in French retail banking, with strong deposit market...
