On July 22, 2003, Standard&Poor's Ratings Services revised its outlook on Efiposte to negative from stable, following a change in the outlook on Efiposte's parent, the French postal operator La Poste (AAA/Negative/A-1+). At the same time, Standard&Poor's affirmed its 'AAA' long-term and 'A-1+' short-term counterparty credit ratings on Efiposte. The revised outlook on La Poste reflects the increasing contribution of competitive activities to the company's revenue, due to the ongoing opening of the mature French postal market to competition and the expected enlargement of La Poste's financial services business. The ratings on Efiposte are based on its position as the core subsidiary of La Poste, its 100% shareholder, and reflect its high degree of integration within
