Support from parent La Poste, either on its own or with the support of its owner, the French government. Strong franchise and critical market share in French household banking. Above-average funding profile and strong liquidity position. Business expansion in new businesses in a difficult operating environment. Concentration on retail banking in France, particularly residential mortgage lending. Our stable outlook on La Banque Postale mirrors that on La Poste. We expect La Banque Postale to remain a core subsidiary of La Poste. Because we equalize the ratings on La Banque Postale with those on La Poste, a downgrade of La Poste would trigger a downgrade of La Banque Postale. In addition, we could upgrade La Banque Postale if we raised the
