Independent risk management from and limited financial exposure to Renault Solid financial profile Sound asset quality Regulated bank status Limited business diversity Commercial sensitivity to Renault's product cycles Wholesale-funded profile The ratings on French car-financing company RCI Banque reflect the bank's average business profile, solid financial profile, limited direct financial exposure to French carmaker group and parent Renault S.A. (BBB+/Negative/A-2), and regulated status as a bank under French law. Standard&Poor's Ratings Services rates RCI one notch higher than Renault, reflecting our view that RCI's overall stronger financial profile, independent refinancing strategy, and banking status deserve moderate rating differentiation. We consider ratings divergence of one notch appropriate at this stage given the companies' close operational ties, including RCI's commercial
