Core member of La Poste group, 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, which reduces the probability of state support. The ratings on Efiposte are based on its position as a low-risk and highly integrated core subsidiary of French postal operator La Poste (AA+/Negative/A-1+). The ratings on La Poste in turn reflect its legal status as a 100% state-owned entity and the ultimate statutory guarantee on its obligations by the Republic of France (AAA/Stable/A-1+). Standard&Poor's Ratings Services therefore analyzes La Poste using a top-down approach, which results in a higher rating than its stand-alone credit quality would warrant. The provision of financial services
