The ratings on RCI Banque are based on the following: The bank's average business profile, characterized by its sole focus on car financing and related operations, solid market position, and wide geographic diversification; and Its moderate financial position, including its satisfactory asset quality, adequate profitability, moderate capitalization, and wholesale-funded liquidity profile. In addition, the ratings reflect the bank's full ownership by French car manufacturer Renault S.A. (BBB/Stable/A-2), and RCI's legal status as a bank under French law. The difference between the long-term rating on RCI and that on its parent can be ascribed to RCI's stronger financial profile and its legal status: as a bank, RCI is subject to regulation that in Standard&Poor's view reduces to a certain
