We consider that potential extraordinary government support for European banks will likely decrease as resolution frameworks are put into place. We are affirming our 'BBB/A-2' counterparty credit ratings on RCI Banque. The negative outlook reflects the possible removal of government support by year-end 2015 and the implications for RCI Banque of the bank's growth in emerging markets or the weak economic recovery in the eurozone on its capitalization. As previously announced on April 29, 2014, Standard&Poor's Ratings Services affirmed its 'BBB/A-2' counterparty credit ratings on France-based captive finance company RCI Banque and its core subsidiary DIAC S.A. The outlook is negative. The affirmation follows the completion of our review of potential extraordinary government support for European banks (see
