Moderate systemic importance in France. A regulated bank. Strong capitalization. Conservative liquidity management. Wholesale-funded business. Business concentration on car financing. Commercial dependence on parent's franchise and product cycles. Standard&Poor's Ratings Services' outlook on RCI Banque (RCI) is stable, mainly reflecting our opinion that its earnings generation and capital build-up capacity are sufficient to maintain its strong capitalization. It also reflects the stable outlook on 100% owner, Renault S.A. (Renault; BB+/Stable/B). A negative rating action on Renault would lead to a similar action on RCI. Should support from the French government to RCI in times of need become weaker than we currently anticipate, we could revise our view of RCI's systemic importance in France to "low" from "moderate." This
