Creditreform Rating has assigned the unsolicited corporate issuer ratings of A+ of La Poste S.A. as well as the EUR-denominated long-term senior unsecured issues of the named issuer with the addendum Watch UNW. The debt securities are included in the ECB's list of eligible marketable assets, which is available on the European Central Bank's website. An outlook is not applicable. For further details on the ratings, please refer to the press release below.
Creditreform Rating has assigned the initial unsolicited Corporate Issuer Rating of La Poste S.A. at A+ with negative outlook. This decision is based on La Poste's dominant market position in France as the national provider of mail services and leading player in the parcel business. Additional supporting factors are positive momentum for e-commerce activities, which will continue to drive volume growth in the parcel and express segments, and the Company's comfortable liquidity profile. We also take into consideration the Company's close linkages with the French State due to the social impact of its public mission obligations and, since we assume government willingness to provide financial support in the event of a liquidity squeeze, we have granted 4 notches uplift to La Poste's standalone credit rating.Conversely, La Poste is adversely affected by the continued declining trend in mail demand and by the increased competition from large online retailers.