The ratings on Efiposte are based on its position as a low-risk and highly integrated core subsidiary of French postal operator La Poste (AA+/Negative/A-1+). The ratings on La Poste in turn reflect its legal status as a 100% state-owned entity and the ultimate statutory guarantee on its obligations by the Republic of France (AAA/Stable/A-1+). Standard&Poor's Ratings Services therefore analyzes La Poste using a top-down approach, which results in a higher rating than its stand-alone credit quality would warrant. The provision of financial services is a core activity for the agency (23% of revenue in 2002-2004) and is expected to remain so, since it received permission to enlarge the scope of these services and enabling legislation was passed in
