...Ratings Based on Support: Agos Ducato S.p.A's ratings are driven by support from majority shareholder CA Consumer Finance (CACF, A+/Stable/F1), and ultimately from CrTdit Agricole (CA, A+/Stable/F1). The Stable Outlook on Agos is aligned with that on CACF and CA. CACF holds a 61% stake in Agos, with the rest owned by Banco BPM. Fitch Ratings does not factor potential support from Banco BPM into Agos's ratings, although its performance relies on it maintaining access to a portion of Banco BPM's extensive distribution network. IDR Notched Down Twice: The two-notch difference between the Long-Term IDRs of Agos and CACF reflects the latter's majority but not full ownership of Agos as well as Fitch's view that Agos is not a core but 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 share (9.7% at end- 2016) and CACF's largest subsidiary outside France. The Short-Term IDR of `F1' is...
