...Ratings Based on Support: FCA Bank S.p.A.'s IDRs and Support Rating are based on Fitch Ratings' assessment of the availability of potential support from Credit Agricole (CA; A/Positive), which holds a 50% stake in FCA Bank through CA Consumer Finance (CACF; A/Positive). The Short-Term IDR of 'F2', the higher of the two possible for entities with a Long- Term IDR of 'BBB', reflects access to liquidity from CA and Fitch's view that support propensity is more certain in the near term. The Positive Outlook on FCA Bank reflects that on CA. Notching Reflects Ownership: The three-notch difference between Credit Agricole and FCA Bank's ratings largely reflects the former's 50% ownership and the fact that the latter's other ultimate shareholder, Fiat Chrysler Automobiles N.V. (FCA; BB-/Stable), has significant influence on its operations. Fitch does not factor any support from FCA into FCA Bank's ratings, but the former's commercial effectiveness is relevant to FCA Bank's business volumes and profitability...
