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La Poste (FRPTT; NR/A/A+) S&P downgrade Private Co

CONSUMER CYCLICALS
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  • French sovereign rating downgrade to AA- in late May has had pass-through now to La Poste that has been downgraded 1-notch to A Stable.
  • It benefits from a 3-notch uplift from baseline BBB on 100% ownership from government & expected high likelihood of support.
  • Explains some of the tightness mentioned yesterday in secondary. Our FV for today's 7Y PostNL is unch at +130 & we continue to emphasis caution on the name (see previous notes for FV).
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  • French sovereign rating downgrade to AA- in late May has had pass-through now to La Poste that has been downgraded 1-notch to A Stable.
  • It benefits from a 3-notch uplift from baseline BBB on 100% ownership from government & expected high likelihood of support.
  • Explains some of the tightness mentioned yesterday in secondary. Our FV for today's 7Y PostNL is unch at +130 & we continue to emphasis caution on the name (see previous notes for FV).