The economic risks under which French banks, including RCI Banque (RCI), operate have increased in our view, leaving them moderately more exposed to the potential of a lengthier recession in the eurozone. We have revised our outlook on RCI to negative from stable and affirmed our 'BBB/A-2' long-and short-term ratings. Our negative outlook on RCI factors in the possibility that the bank's growth in emerging markets, or a deterioration of the economic situation across the eurozone could negatively affect RCI's creditworthiness and lead us to revise downward our current assessment of RCI's capital position. As previously announced on Oct. 25, 2012, Standard&Poor's Ratings Services revised the outlook on France-based captive finance company RCI Banque (RCI) to negative from
