The ratings on Efiposte reflect the company's strategic importance for its 100% shareholder, La Poste (AAA/Stable/A-1+), as well as its high degree of integration within its parent company and low risk profile. The ratings on La Poste reflect the strong implicit support of the Republic of France (AAA/Stable/A-1+) owing to La Poste's legal status of "Exploitant Autonome de Droit Public", which is unlikely to change in the medium term; the institution's economic importance as the main operator of France's postal system; and La Poste's dominant position in its domestic market and expansion into nondomestic markets. The ratings on La Poste also take into account the increased competition that is expected to result from European Union deregulation in the years ahead;
