...Support-Driven IDRs: The ratings of Agos Ducato S.p.A. (Agos) are based on support from its majority shareholder, Credit Agricole Consumer Finance (CACF, A/Stable). Ultimate support would likely flow from CACF's parent bank CrTdit Agricole (CA, A/Stable). CACF holds a 61% stake in Agos, while the remaining 39% is owned by Banco Popolare (Popolare, BBB/Neg). Fitch Ratings does not factor in potential support from the minority shareholder in Agos's ratings. Strategically Important to CACF: Agos is the market leader in the Italian consumer finance sector and, in our opinion, is strategically important to CACF. Agos accounts for about one-third of CACF's consolidated loan book. Agos is strongly integrated with CACF through strategy, procedures, funding, risk and capital management. Large Parent Funding: Agos receives the bulk of its funding from the CA group through CACF. Parent funding has fallen since 2011 in line with CA's strategy for foreign subsidiaries to fund themselves more autonomously...
