The ratings on Efiposte are based on its position as the core subsidiary of the French postal operator La Poste (AAA/Negative/A-1+), its 100% shareholder, and reflect Efiposte's high degree of integration within the parent company, as well as its low-risk profile. Standard&Poor's revised its outlook on Efiposte to negative from stable on July 22, 2003, following a change in the outlook on Efiposte's parent. The negative outlook on La Poste reflects the increasing contribution of competitive activities to the company's revenue, due to the ongoing opening of the mature French postal market to competition and the expected enlargement of La Poste's financial services business. The ratings on La Poste reflect the company's very strong credit quality that derives
