Given that RCI is a car finance captive, its fortunes depend on its parent, Renault, which we downgraded today. We are lowering our ratings on RCI Banque to 'BBB-/A-3' from 'BBB/A-2'; the outlook is stable. We are widening the rating differential between Renault and RCI, as we believe the bank is a fundamentally healthy institution that has already received and will continue to receive, in our view, systemic support from authorities. The outlook is stable, reflecting that on Renault. On June 19, 2009, Standard&Poor's Ratings Services lowered its ratings on RCI Banque to 'BBB-/A-3' from 'BBB/A-2'. The outlook is stable. RCI's one-notch downgrade reflects today's rating action on its sole parent and business provider, French carmaker Renault S.A.
