La Banque Postale

The negative outlook on LBP mirrors that on La Poste. We continue to see LBP as a core subsidiary of La Poste group, and any rating action on the parent would lead to a similar action on LBP. We expect La Poste group will maintain a strong, lasting interest in LBP in the near future. LBP is an integral part of the group's strategy, and we see it as strongly integrated within the group. We would lower the rating on LBP if we take a negative rating action on its parent, La Poste, which could follow a negative rating action on France or a weakening of our La Poste group SACP. Given the enduring, strategic, and operational integration of LBP

...La Banque Postale (LBP) and its related banking activities are an essential part of La Poste's strategy. We expect LBP to maintain an integral role within the La Poste group. The bank plays a key role in terms of banking accessibility and is the only bank in France to which a banking accessibility mission has been entrusted. LBP is fully integrated in the group, and we see the reputations of LBP and La Poste as closely linked. Among other things, they share the same distribution network and certain personnel, and have related brand names. We also believe that LBP benefits from La Poste's strong long-term commitment of financial support, as seen in the past. We therefore see LBP as a core subsidiary of the La Poste group and align our rating on LBP with that on La Poste (A+/Negative/A-1) resulting in a...

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