...IDRs Equalised with Parent's: CA Consumer Finance's (CACF) Issuer Default Ratings (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 CA S.A. and CA would support CACF, if required. Core to CA's Strategy: CACF plays a strategic role within the group as it carries out its consumer finance activities, which are a core component of CA's product offering to retail clients. CA's specialised financial services including consumer finance as well as leasing and factoring account for 5% to 10% of group operating profit, excluding the corporate centre. Close Integration with CA: CACF is fully owned by CA S.A. It is highly integrated into CA in terms of management, capital and liquidity. A sale is very hard to conceive. No Viability Rating Assigned: Fitch...
