RCI Banque's €850 Million Tier 2 Subordinated Notes Rated 'BB' - S&P Global Ratings’ Credit Research

RCI Banque's €850 Million Tier 2 Subordinated Notes Rated 'BB'

RCI Banque's €850 Million Tier 2 Subordinated Notes Rated 'BB' - S&P Global Ratings’ Credit Research
RCI Banque's €850 Million Tier 2 Subordinated Notes Rated 'BB'
Published Nov 13, 2019
3 pages (1343 words) — Published Nov 13, 2019
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

PARIS (S&P Global Ratings) Nov. 13, 2019--S&P Global Ratings said today that it assigned its 'BB' long-term issue rating to RCI Banque's (BBB/Negative/A-2) €850 million tier 2 fixed rate resettable subordinated notes due Feb. 18, 2030. The issue rating reflects our analysis of the instruments and our assessment of RCI's creditworthiness. The 'BB' issue rating on the notes is two notches below our 'bbb-' assessment of the bank's stand-alone credit profile (SACP). Since we downgraded Renault S.A. to 'BBB-' and affirmed RCI at 'BBB' (for more information, see "RCI Banque 'BBB/A-2' Ratings Affirmed On High Operating Performance Despite Renault Downgrade; Outlook Remains Negative," published Oct. 28, 2019, on RatingsDirect), RCI doesn't benefit anymore from group support, which affects our analysis

  
Brief Excerpt:

...November 13, 2019 PARIS (S&P Global Ratings) Nov. 13, 2019--S&P Global Ratings said today that it assigned its '##' long-term issue rating to RCI Banque's (###/Negative/A-2) 850 million tier 2 fixed rate resettable subordinated notes due Feb. 18, 2030. The issue rating reflects our analysis of the instruments and our assessment of RCI's creditworthiness. The '##' issue rating on the notes is two notches below our '###-' assessment of the bank's stand-alone credit profile (SACP). Since we downgraded Renault S.A. to '###-' and affirmed RCI at '###' (for more information, see "RCI Banque '###/A-2' Ratings Affirmed On High Operating Performance Despite Renault Downgrade; Outlook Remains Negative," published Oct. 28, 2019, on RatingsDirect), RCI doesn't benefit anymore from group support, which affects our analysis in deriving the issuer credit rating. As per the notes' terms and conditions, we consider the instruments to be subordinated to senior creditors' claims, and note that the instruments...

  
Report Type:

Ratings Action

Ticker
211718Z@FP
Issuer
RCI Banque
GICS
Consumer Finance (40202010)
Sector
Global Issuers, Structured Finance
Country
France
Region
Europe, Middle East, Africa
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "RCI Banque's €850 Million Tier 2 Subordinated Notes Rated 'BB'" Nov 13, 2019. Alacra Store. May 08, 2025. <http://www.alacrastore.com/s-and-p-credit-research/RCI-Banque-s-850-Million-Tier-2-Subordinated-Notes-Rated-BB-2338263>
  
APA:
S&P Global Ratings’ Credit Research. (). RCI Banque's €850 Million Tier 2 Subordinated Notes Rated 'BB' Nov 13, 2019. New York, NY: Alacra Store. Retrieved May 08, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/RCI-Banque-s-850-Million-Tier-2-Subordinated-Notes-Rated-BB-2338263>
  
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