...IDRs Equalised With Parent's: CA Consumer Finance's (CACF) IDRs are equalised with those of CrTdit Agricole (CA; A/Positive) and its parent, CrTdit Agricole S.A. (CA S.A.; A/Positive), CA's listed central body. This reflects Fitch Ratings' opinion that CACF is a core subsidiary of CA S.A. Fitch believes there would be an extremely high probability that CACF would be supported by CA S.A., and CA, if required. Core Entity for CA: Fitch views CACF as a core subsidiary due to its full ownership by CA S.A., its integration with CA and its strategic role as CA's consumer finance arm. CACF is a leader in consumer finance in Europe and the number two in France (around 15% market share). It is a key component of CA's offering of specialised financial services to clients. Strong Integration With CA: CACF is fully owned by CA, and any sale is very hard to conceive of. CA oversees CACF's risk management, internal control and audit functions. CA uses CACF's expertise in its French, Italian and Moroccan...
