The ratings on La Banque Postale (LBP), the banking subsidiary of French postal service provider La Poste (A+/Negative/A-1), are equalized with those on the parent. The ratings reflect LBP's highly integrated core position in the La Poste group. Also factored into the ratings is LBP's adequate stand-alone financial profile. The ratings on La Poste reflect strong government support, conferred by the socio-economic importance of the group's public-policy mandates, public ownership, and government backing. The announced change in La Poste's status and ownership marks a further step in the company's gradual transition toward greater distance from the government, resulting in our growing emphasis on La Poste's stand-alone credit profile, assessed to be in the 'BBB' category and in a four-notch differential
