Implicit support from the Republic of France. Strong franchise and critical market share in French household banking. Above-average funding profile and strong liquidity position. Investment risk generated by a large investment portfolio. Weak operating efficiency that constrains earnings capacity. Structural interest-rate exposure. Standard&Poor's Ratings Services' outlook on France-based La Banque Postale (LBP) is stable, reflecting our belief that LBP will continue to benefit from a high likelihood of timely and sufficient support from the French state (Republic of France, unsolicited AA+/Negative/A-1+), should the need arise. According to our methodology for rating government-related entities (GREs), all things remaining equal, a one-notch downgrade of France would not affect our ratings on LBP. We see LBP as core to its parent,
