The ratings on France-based RCI Banque reflect: The bank's average business profile, which balances the concentration of activity on car-financing and related operations, along with its solid market position and wide geographic diversification; and Its adequate financial position, including satisfactory profitability, satisfactory asset quality, adequate capitalization, and wholesale-funded liquidity profile. The ratings also factor in the bank's full ownership by French car manufacturer Renault S.A. (BBB/Positive/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. In Standard&Poor's Ratings Services' view, RCI is subject to regulation as a bank that reduces--to a certain
