Support from parent La Poste, either on its own or with the support of its owner, the French government. Strong franchise and critical market share in French household banking. Above-average funding and strong liquidity. Expansion in new businesses in a less favorable operating environment. Concentration on retail banking in France, particularly housing lending. Standard&Poor's Ratings Service's stable outlook on La Banque Postale (LBP) mirrors the stable outlook on its parent, La Poste, over the next two years. We expect LBP to remain a core subsidiary of La Poste. Because we equalize the ratings on LBP with those on La Poste, a downgrade of La Poste would trigger a downgrade of LBP. In addition, we could upgrade LBP if
