... S.A.'s (EFL) ratings are based on Fitch Ratings' view of an extremely high probability of support from EFL's 100% owner, Credit Agricole S.A. (CA SA; A/Positive), the central body of Credit Agricole (CA; A/Positive). This view is based on CA's commitment to the Polish market, as evidenced by its long-term ownership of EFL, significant funding provision to EFL and CA's expansion in the domestic banking sector. CA Committed to Poland: CA acquired a 100% stake in EFL in 2001. EFL has been the leader of the Polish leasing market since then, with a 8.7% share in total leasing sales in Poland at end-2014. Most recently, CA has increased investments in the expansion of its small local bank subsidiary, Credit Agricole Bank Polska (CABP), aimed to transform this historically consumer-focused bank to a more balanced commercial institution. EFL's Moderate Strategic Importance: EFL, as the largest leasing provider in Poland with well-established...
