...Dependence on parent's franchise and product cycles. Outlook: Stable S&P Global Ratings' outlook on France-based auto financer RCI Banque (RCI) and its core subsidiary DIAC S.A. is stable. It reflects our view that, over the next 18 to 24 months, its financial profile will remain strong. We expect our risk-adjusted capital (RAC) ratio for RCI will remain above 10%. We also consider that RCI's operating profitability will continue to benefit from resilient net interest margins and business volumes on the back of good sales performance of its parent, carmaker Renault S.A. We expect this will translate into sustained outperformance relative to peers, based on our measure of risk-adjusted profitability. We could lower the long-term rating if RCI's outperformance versus its peers weakened, for instance if credit losses substantially increased above the 30-40 basis points in the past three years or if margin pressure intensified in the current low-interest-rate environment. We would also lower...
