...IDRs Based on Support: FGA Capital's (FGAC) ratings are based on potential support from Credit Agricole (CA; A/Stable), which through its subsidiary CA Consumer Finance (CACF; A/Stable) holds a 50% stake in FGAC. The four-notch difference reflects Fitchs assessment of the strategic importance of FGAC to CA and the part-ownership. The Stable Outlook mirrors that of CACF and CA. The other shareholders (Fiat Group Automobile (FGA)) ratings do not directly influence FGACs as it is a pure industrial partner from a rating perspective. JV Agreement Underpins Funding: FGAC's funding and liquidity benefit from the joint venture (JV) agreement under which CA undertakes to make funding and liquidity constant and available to FGAC. Funding and liquidity are to be priced at market terms and their size to meet the needs of FGAC, including under the most stressful scenarios. The agreement was renewed in July 2013, ahead of its expiry, and will expire in 2021. Funding Diversification: FGACs increasing...
