On Jan. 3, 2006, Standard&Poor's Ratings Services affirmed its 'AA-' long-term and 'A-1+' short-term counterparty credit ratings on La Banque Postale, the fully owned banking subsidiary of French postal operator La Poste (AA-/Stable/A-1+). La Banque Postale, formerly Efiposte, started operations on Jan. 1, 2006, after obtaining its banking license in November 2005, and receiving additional assets and common equity on Dec. 31, 2005. The outlook is stable. The ratings on La Banque Postale are based on the bank's position as a highly integrated core subsidiary of La Poste. They also take into account an adequate stand-alone position--resulting from a strong franchise in the domestic retail market, a low risk profile, superior liquidity, and a sound capital position--balanced by
