Solid market position and wide geographic diversification Independent operational risk management from and limited financial exposure to core shareholder Renault S.A. Satisfactory profitability, underpinned by strict cost discipline Sound credit risk profile Business concentration on car financing Wholesale-funded profile, partially offset by conservative liquidity management Increasing competition in the consumer finance business and rising interest rates, maintaining pressure on operating margins The ratings on French car-financing company RCI Banque reflect its: Average business profile, which balances the concentration of activity on car financing and related operations with a solid market position and wide geographic diversification; and Adequate financial position, including satisfactory profitability and asset quality, adequate capitalization, and wholesale-funded liquidity profile The one-notch rating differential between the ratings on RCI
