Regulated bank, with moderate systemic importance for the French banking system Independent risk management from, and overall limited financial exposure to, parent Renault Solid financial profile, underpinned by high margin business, very good cost efficiency, and satisfactory capitalization Conservative liquidity management Wholesale-funded profile Business concentration on car financing, although geographically diverse Commercial dependence on parent's franchise and product cycles Subdued earnings prospects for 2009 and 2010, due to likely lower volumes and rising credit costs The ratings on French car-financing company RCI Banque reflect its solid stand-alone financial profile, including conservative liquidity management, and its status as a fully regulated bank with moderate systemic importance in France. Constraining rating factors include RCI's wholesale-funded profile, its strong business concentration and reliance
