The ratings on La Banque Postale (LBP) 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. The ratings on La Poste reflect the company's 100% ownership by, and strong support from the Republic of France (AAA/Stable/A-1+). The provision of banking services is a core activity for La Poste, representing 23% of revenues in the first half of 2006, as in 2002-2005. LBP is strongly integrated into its parent company, operating through the latter's staff and large network of postal offices. Related costs are charged to LBP under detailed agreements. With a reported balance sheet of €106 billion at Dec. 31, 2005, LBP is the
