Our ratings on France-based La Banque Postale (LBP) reflect Standard&Poor's Ratings Services' view of the high likelihood of timely and sufficient support from the bank's ultimate shareholder, the French state (Republic of France; AAA/Stable/A-1+), in the event of financial distress. Also factored into the ratings on LBP is our opinion of its adequate stand-alone credit profile (SACP). LBP is the core banking subsidiary of French postal service provider La Poste (A/Stable/A-1). Representing about 24% of La Poste's total revenues in 2009, LBP's banking services are, in our view, a core activity for the group. LBP is strongly integrated into its parent, operating through La Poste's staff and large network of post offices. Our ratings on LBP stand two
