The ratings on La Banque Postale (LBP) are based on the bank's position as a highly integrated core subsidiary of La Poste (AA-/Negative/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+). Nevertheless, La Poste communicated in July 2008 that it was considering opening its capital. The project is so far in government hands. Combined with the likely change in La Poste's status, this could result in Standard&Poor's Ratings Services decreasing the state support factored into our ratings on La Poste and LBP. The provision of banking services is a core activity for La Poste, representing 23% of
