Implicit support from the Republic of France. Strong franchise and critical market share in French household banking. Above-average funding profile and strong liquidity position. Business expansion in new businesses in a deteriorating operating environment. Concentration on retail banking in France, particularly housing lending. Standard&Poor's Ratings Services' outlook on France-based La Banque Postale (LBP) is stable, reflecting the outlook on the bank's parent group, French postal service provider La Poste (A/Stable/A-1). The outlook also reflects our expectation that LBP's stand-alone creditworthiness should remain unchanged in the coming 18 to 24 months. The ratings on the bank now stand at the same level as the ratings on La Poste. We see LBP as core to its parent. However, because we
