Core member of the La Poste group, thereby benefiting from indirect, strong support from the French government; Low-risk profile; and Conservative management. Weak stand-alone financial profile of La Poste; and Increasing weight of competitive business on La Poste's profile. The ratings on Efiposte are based on its position as the core subsidiary of the French postal operator La Poste (AA+/Negative/A-1+), and reflect Efiposte's high degree of integration within the parent company, as well as its low-risk profile. The ratings on La Poste reflect its legal status as a state-owned entity, and the ultimate statutory guarantee on its obligations provided by the Republic of France (AAA/Stable/A-1+). They also reflect La Poste's prospects and strategic orientation following the renewal of its four-year
