The economic risks under which French banks operate have increased in our view, leaving them moderately more exposed to the potential of a more protracted recession in the eurozone. We revised our outlook on La Banque Postale (LBP) to negative from stable, and affirmed our 'A+/A-1' long- and short-term ratings. Our negative outlook on LBP reflects the possibility of an increase in France's banking industry risks. As previously announced on Oct. 25, 2012, Standard&Poor's Ratings Services revised to negative from stable its outlook on La Banque Postale (LBP). The long- and short-term counterparty credit ratings on LBP were affirmed at 'A+/A-1'. The outlook revision on LBP reflects our view that we could potentially downgrade the bank if we
