...IDRs Based on Support: Agos Ducato S.p.A's (Agos) ratings are driven by support from majority shareholder CA Consumer Finance (CACF, A/Positive/F1), and ultimately from CrTdit Agricole (CA, A/Positive/F1/a/5). The Positive Outlook on Agos is aligned with that on CACF and CA. CACF holds a 61% stake in Agos, with the remaining 39% owned by Banco Popolare (BB/Negative/B/bb/5). Fitch Ratings does not factor potential support from the minority shareholder into Agos's ratings, although its performance (and therefore its attractiveness for CA) relies, to some extent, on it maintaining access to Popolare's extensive distribution network. IDR Notched Down Twice: The two-notch difference between the Long-Term IDRs of Agos and CACF reflects the fact that Agos is majority- (rather than fully) owned by CACF as well as Fitch's view that Agos is a strategically important subsidiary in a strategically important country for the CA group. Agos is the fourth-largest consumer finance company in Italy by market...
