The ratings on Efiposte are based on its position as core subsidiary of its 100% shareholder, La Poste (AAA/Stable/A-1+), and reflect its high degree of integration within the parent company as well as its low risk profile. The ratings on the 100% state-owned French postal company, La Poste, reflect: The strong implicit support of the Republic of France, attributable to the institution's status as well as its economic and social importance as the main operator of France's postal system; and La Poste's strong business position and ability to adapt to the increased competition in Europe in the years ahead. Also factored into the ratings on La Poste are its moderate revenue and expenditure flexibility, and its high debt. Efiposte is
