Regulated bank with moderate systemic importance for the French banking system. Independent risk management from, and overall limited financial exposure to, the parent, Renault. Sound financial profile, underpinned by high margin business, good cost efficiency, and sound capitalization. Conservative liquidity management. Wholesale-funded profile--though increasingly geographically diversified--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 Standard&Poor's Ratings Services' view of the bank's sound stand-alone credit profile (SACP), including conservative liquidity management, strong capitalization, and satisfactory profitability. We also factor in RCI's limited financial exposure to its parent, French carmaker Renault S.A. (BB+/Stable/B), and its status as a fully
