Moderate systemic importance in France. A regulated bank. Strong capitalization. Wholesale-funded business. Business concentration in car financing. Commercial dependence on parent's franchise and product cycles. The negative outlook on France-based RCI Banque indicates that Standard&Poor's Ratings Services may lower the ratings on the bank by year-end 2015 if it believes there is a greater likelihood that senior unsecured creditors may incur losses if the bank fails. Specifically, we may lower the long-term counterparty credit rating by one notch if we consider that extraordinary government support is less predictable under the EU Bank Recovery and Resolution Directive (BRRD). We could also revise our view of RCI Banque's systemic importance in France to "low" from "moderate" if support from the
