Implicit support from the Republic of France. Core member of the La Poste group. Strong franchise and critical market share in French household banking. Low risk profile derived from excellent asset quality and superior liquidity. Satisfactory capital position. Limited business diversity. Mediocre, albeit improving, operating efficiency. Structural exposure to declining interest rates. The ratings on France-based La Banque Postale (LBP) reflect Standard&Poor's Ratings Services' view of the "high" likelihood of timely and sufficient support for LBP from the bank's ultimate majority shareholder, the Republic of France (AAA/Stable/A-1+), in the event of financial distress. Also factored into the ratings on LBP is our opinion of its adequate stand-alone credit profile (SACP). LBP is the core banking subsidiary of French
