On Oct. 15, 2004, Standard&Poor's Ratings Services affirmed its 'AA+' long-term and 'A-1+' short-term counterparty credit ratings on Efiposte, a subsidiary of 100% state-owned French postal company La Poste. The outlook is negative. At the same time, Standard&Poor's also affirmed its 'AA+' long-term and 'A-1+' short-term issuer credit ratings on La Poste. The outlook on La Poste is also is negative. The ratings on Efiposte are based on its position as the core subsidiary of La Poste and reflect Efiposte's high degree of integration within its parent, as well as its low-risk profile. The ratings on La Poste reflect its legal status as a 100% state-owned entity and the ultimate statutory guarantee on its obligations provided
