On Oct. 30, 2018, we revised to positive from stable our outlook on La Banque Postale (LBP)'s parent, French government-related group La Poste. LBP is the bank subsidiary of La Poste, and we view it as a core group member of the group, and therefore equalize our ratings and outlook on LBP with those on La Poste. We are therefore revising our outlook on LBP to positive from stable and affirming the 'A/A-1' ratings. The positive outlook mirrors than on La Poste, indicating that we could raise the ratings on LBP if we upgrade La Poste. On Oct. 30, 2018, S&P Global Ratings revised its outlook on France-based La Banque Postale (LBP) to positive from stable. At the same time,
