The ratings on French car-financing company RCI Banque (RCI) reflect the bank's average business profile, adequate financial profile, full membership within French carmaker Renault S.A (BBB+/Stable/A-2), and regulated status as a bank under French law. Our ratings on RCI stand one notch above those on Renault, primarily reflecting RCI's intrinsic strengths. This reflects Standard&Poor's Ratings Services' opinion that RCI's overall stronger financial profile, independent refinancing strategy, and banking status deserve moderate rating differentiation. A divergence of more than one notch is, however, unlikely at this stage given the companies' close operational ties, including RCI's commercial sensitivity to Renault's product cycles. With €23.5 billion in net loans and leases at year-end 2007, the bank acts as a captive finance
