Core member of the La Poste group Strong franchise in the core market Low risk profile derived from excellent asset quality and superior liquidity Professional management and cautious expansion strategy Satisfactory capital position La Poste's still modest stand-alone financial profile Limited business diversification Poor operating profitability with limited short-term upside Challenged to keep or gain market shares in the competitive French banking industry Structural exposure to the interest rate level The ratings on La Banque Postale (LBP) are based on the bank's position as a highly integrated core subsidiary of La Poste (AA-/Stable/A-1+). They also take into account an adequate stand-alone position. The ratings on La Poste reflect the company's 100% ownership by, and strong support from, the Republic of
