On July 20, 2004, Standard&Poor's Ratings Services revised its outlook on RCI Banque (RCI) to positive from stable. At the same time, Standard&Poor's also affirmed its 'BBB+' long-term and 'A-2' short-term counterparty credit ratings on the bank. The ratings action follows Standard&Poor's revision of its outlook on RCI Banque's 100% parent Renault S.A. to positive from stable (see related press release "Outlook on Renault S.A. Revised to Positive; 'BBB/A-2' Ratings Affirmed", available on RatingsDirect, Standard&Poor's Web-based credit analysis system). Standard&Poor's expects that the improvement of RCI's performance and asset quality in 2003 will be sustainable going forward and that RCI's improved internal capital generation capacity could result in higher capital
