...IDRs Aligned With Parent's: Compagnie GTnTrale de Location d'Equipements' (CGL) Issuer Default Ratings are aligned with those of its 99.9% shareholder, SociTtT GTnTrale (SG; A/Negative/F1), reflecting Fitch Ratings' view that there is an extremely high probability that SG would support its subsidiary, if required. The Negative Outlook on CGL's Long-Term IDR mirrors that on SG's Long-Term IDR. Core Strategic Importance, Integration: CGL is SG's specialised company for auto financing, and SG uses this expertise to serve its clients and develop its franchise. CGL also provides services (ie, credit servicing and collection) to several subsidiaries of SG, which Fitch believes contributes to its strategic importance within the group. CGL is well integrated with its parent. SG appoints most of CGL's key management as well as members of the board of directors and the executive committee. CGL's strategy is decided at the SG level, and CGL operates under its parent's strict monitoring. CGL's small...
