The ratings on RCI Banque are based on: The bank's average business profile, characterized by the full concentration of its activity on car financing-related operations, a solid market position, and wide geographic diversification; and Its moderate financial position, including its satisfactory asset quality, adequate profitability, modest capitalization, and structurally constrained liquidity profile. In addition, the ratings reflect the bank's full ultimate ownership by French car manufacturer Renault S.A. (BBB/Stable/A-2), and RCI's status as a bank under French law. The difference between the ratings on RCI and those on its parent Renault can be ascribed to the former's stronger financial profile and its legal status as a bank. Standard&Poor's believes that the bank status of RCI under French law
