The ratings on RCI Banque are based on the following: The bank's average business profile, which balances the concentration of its activity on car-financing and related operations, with solid market position and wide geographic diversification; and Its adequate financial position, including its satisfactory profitability, satisfactory asset quality, moderate capitalization, and wholesale-funded liquidity profile. In addition, the ratings reflect the bank's full ownership by French car manufacturer Renault, 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
