The ratings on France-based RCI Banque reflect its: Average business profile, which balances the concentration of activity on car financing and related operations with a solid market position and wide geographic diversification; and Adequate financial position, including satisfactory profitability and asset quality, adequate capitalization, and a wholesale-funded liquidity profile. The ratings also factor in 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, which somewhat reduces, in Standard&Poor's Ratings Services' view, the potentially
