On July 24, 2008, Standard&Poor's Ratings Services revised its outlook on France-based RCI Banque to negative from stable. At the same time, Standard&Poor's affirmed its 'A-/A-2' long- and short-term counterparty ratings on the bank. The outlook revision follows the outlook change to negative from stable on RCI's parent, French carmaker Renault S.A. (BBB+/Negative/A-2), reflecting increasing uncertainty about Renault's ability to maintain sound cash generation and avoid the deterioration of financial ratios (see "Renault S.A. Outlook To Negative On Tough Market Conditions; 'BBB+/A-2' Ratings Affirmed," published today on RatingsDirect.) The ratings on RCI continue to reflect the bank's average business profile, solid financial profile, and regulated status as a bank under French law. Standard&Poor's rates
