The ratings on France-based car-financing company RCI Banque reflect its: Average business profile, which balances business concentration 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 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 legal status as a bank under French law. The difference between the long-term ratings on RCI and its parent is due to RCI's stronger financial profile and status as a bank. RCI is subject to regulation as a bank that in Standard&Poor's Ratings Services view would reduce, to a certain extent, the potentially
