Moderate systemic importance in France. A regulated bank. Strong capitalization. Wholesale-funded business. Business concentration on car financing. Commercial dependence on parent's franchise and product cycles. Standard&Poor's Ratings Services' negative outlook on Renault S.A.'s captive finance company RCI Banque (RCI) reflects our view that there is a one-in-three possibility that the bank's growth in emerging markets, or a protracted sluggish economic environment across the eurozone could negatively affect its creditworthiness. This would lead us to revise downward our current assessment of RCI's capital position by lowering our projected risk-adjusted capital (RAC) ratio below 10%. The negative outlook also factors in the potential for deteriorating liquidity although this is a remote scenario. We might also lower the ratings on RCI
