The ratings on La Banque Postale are based on the bank's position as a highly integrated core subsidiary of La Poste (AA-/Stable/A-1+). They also take into account an adequate stand-alone position--resulting from a strong franchise in the domestic retail market, a low risk profile, superior liquidity, and a sound capital position--balanced by weak efficiency ratios, and revenues and diversification below peers'. The ratings on La Poste reflect the company's 100% state ownership, as well as its specific status, which is viewed by Standard&Poor's Ratings Services as implying an ultimate statutory guarantee from the Republic of France (AAA/Stable/A-1+) on La Poste's financial obligations. They also reflect an expected increase in autonomy from the state. The provision of banking services
