Regulated bank with moderate systemic importance for the French banking system. Independent risk management from and overall limited financial exposure to parent Renault. Sound financial profile, underpinned by high margin business, good cost efficiency, and satisfactory capitalization. Conservative liquidity management. Wholesale-funded profile and subsequent confidence-sensitive business model. Business concentration on car financing, although geographically diverse. Commercial dependence on parent's franchise and product cycles. The ratings on French car-financing company RCI Banque reflect its sound stand-alone financial profile, including conservative liquidity management, strong capitalization, and satisfactory profitability, as well as limited financial exposure to its parent and status as a fully regulated bank. Constraining rating factors include RCI's wholesale-funded profile, its strong business concentration on car-financing activities and its reliance on
