The ratings on Efiposte are based on its position as the core subsidiary of the French postal operator La Poste (AA+/Negative/A-1+), and reflect Efiposte's high degree of integration within the parent company, as well as its low-risk profile. The ratings on La Poste reflect its legal status as a state-owned entity, and the ultimate statutory guarantee on its obligations provided by the Republic of France (AAA/Stable/A-1+). They also reflect La Poste's prospects and strategic orientation following the renewal of its four-year strategic plan ("contrat de plan") with the French state, which is valid until 2007. The economic and social importance of La Poste in France's postal and financial services should ensure ongoing strong sovereign support. Nevertheless, competitive activities' increasing contribution
