Core member of the La Poste group Strong franchise in its core market Low risk profile derived from excellent asset quality and superior liquidity Professional management and cautious expansion strategy Satisfactory capital position Limited business diversification Poor operating profitability with limited short-term upside Difficulty gaining market share in the competitive French banking industry Structural exposure to declining interest rates The ratings on La Banque Postale (LBP), the banking subsidiary of French postal service provider La Poste (A+/Negative/A-1), are equalized with those on the parent. The ratings reflect LBP's highly integrated core position in the La Poste group. Also factored into the ratings is LBP's adequate stand-alone financial profile. The ratings on La Poste reflect strong government support, conferred by the
