As previously announced on June 20, 2013, we think France's banking sector is facing increased industry risks, including pressure on revenues from the slowing economy and recent reforms that have constrained the environment for banks. Given the concentration of its business in France, we believe that La Banque Postale's (LBP) stand-alone creditworthiness would not be immune to a more deteriorated environment. We are affirming our 'A+/A-1' ratings on LBP and lowering our issue rating on its subordinated debt to 'BBB' from 'BBB+'. The outlook remains negative, reflecting the possibility that we could lower our ratings on LBP if we lowered our ratings on France. On July 2, 2013, Standard&Poor's Ratings Services affirmed its long- and short-term counterparty credit
