The ratings on Efiposte reflect the company's strategic importance to 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, 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 strong business position. La Poste's ratings also take into account the increased competition that is expected as a result of European Union deregulation in the years ahead, La Poste's moderate revenue and expenditure flexibility, and the company's high debt level. Efiposte is
