...Ratings Based on Support: Agos Ducato S.p.A.'s ratings are driven by support from its majority shareholder, CA Consumer Finance (CACF; A+/Stable/F1), and ultimately from Credit Agricole (CA; A+/Stable/F1/a+/5). CACF holds a 61% stake in Agos, with the remaining 39% owned by Italy's third-largest bank, Banco BPM S.p.A. Agos is CACF's largest subsidiary outside France and Italy's fourth-largest consumer finance company by new volumes financed. IDR Notched Down Twice: The two-notch difference between the Long-Term Issuer Default Ratings (IDRs) of Agos and CACF reflects CACF's majority but not full ownership of Agos as well as Fitch Ratings' view that Agos is a strategically important, but not a core, subsidiary in a strategically important country for CA. The Stable Outlook mirrors that of CA and CACF. Performance Underpins Support Propensity: Agos's performance in 2017 show evidence of its completed restructuring, with visible improvements in its profitability. This contributes to our assessment...
