S&P lowers french La Poste debt rating
S&P, the US ratings agency, decided to lower its long term senior debt rating on French post office La Poste from AAA to AA+. It did the same for Efiposte, the subsidiary which manages postal cheque accounts. S&P expert Alexandre de Lestrange believes La Poste has little time to implement the reforms needed prior to the liberalisation of the sector. He believes it will be difficult for the state to help the company financially without incurring the wrath of Brussels. Nicolas Duhamel, financial director of La Poste, believes the lowering of the rating will have very little impact on the secondary market for La Poste bonds. The effects will be felt, however, when La Poste launches another issue.
