...November 7, 2019 PARIS (S&P Global Ratings) Nov. 7, 2019--S&P Global Ratings said today that it had assigned its '##' long-term issue rating to the proposed low-trigger additional Tier 1 (AT1) perpetual capital notes to be issued by French bank La Banque Postale (LBP). The rating is subject to our review of the notes' final documentation. This is LBP's first issuance of Basel III-compliant AT1 notes that we rate. In accordance with our criteria for hybrid capital instruments ("General Criteria: Hybrid Capital: Methodology And Assumptions," published July 1, 2019), the '##' issue rating reflects our analysis of the proposed instrument and our assessment of LBP's stand-alone credit profile (SACP) at '###+'. To rate hybrids and senior nonpreferred notes issued by an entity we regard as a core member of a group, as is the case for LBP within the La Poste group, we analyze whether the stated group is strong enough and willing to accrue support to these instruments. In LBP's case, even if we...
