Standard&Poor's Ratings Services' outlook on France-based La Banque Postale (LBP) is stable, reflecting our belief that LBP will continue to benefit from a high likelihood of timely and sufficient support from the French state (Republic of France, unsolicited AA+/Negative/A-1+), should the need arise. According to our methodology for rating government-related entities (GREs), all things remaining equal, a one-notch downgrade of France would not affect our ratings on LBP. We see LBP as core to its parent, French postal service provider La Poste (A/Stable/A-1). A one-notch downgrade of La Poste could lead us to take a similar action on LBP. Given the close business ties between the two entities, we would likely cap our long-term rating on LBP one
