Following a review under Standard&Poor's revised bank criteria (published Nov. 9, 2011), we have affirmed our 'A+/A-1' long- and short-term ratings on France-based La Banque Postale (LBP). In accordance with our revised hybrid criteria (published Nov. 1, 2011), we have lowered the ratings on LBP's dated subordinated debt to 'BBB+' from 'A'. The ratings on LBP factor in an 'a-' anchor for banks operating exclusively in France, and our view of LBP's adequate business position, adequate capital and earnings, moderate risk position, above average funding, and strong liquidity, as our criteria define these terms. Our ratings on LBP include two notches of uplift above its stand-alone credit profile (SACP), reflecting our opinion that the bank is a government-related
