The ratings on RCI Banque (formerly Renault Crédit International S.A. Banque) reflect its: Solid market position in the car finance industry; Wide geographic diversification, which partly offsets business concentration; Satisfactory asset quality; Recurring, although pressured, profitability; and Only modest capitalization. In addition, the ratings balance RCI's ultimate ownership by French carmaker Renault S.A. (BBB/Negative/A-3) with its status as a bank. The difference between the ratings on RCI and those on its 100% parent, car manufacturer Renault can be ascribed to the former's stronger financial profile and its legal status. In Standard&Poor's view, the bank status of RCI under French law and the regulation to which it is subject reduce to a certain extent the potentially negative impact of
