The ratings on French car-financing company RCI Banque reflect the bank's average business profile, still solid--although likely to erode in 2009--financial profile, limited direct financial exposure to French carmaker group and parent Renault S.A. (BBB/Negative/A-3), and regulated status as a bank under French law. On Oct. 24, 2008, Standard&Poor's Ratings Services lowered the long-term counterparty credit rating on RCI to 'BBB+' from 'A-', reflecting both the downgrade of Renault S.A. and our anticipation of a moderate decline in RCI's profitability in 2009, amid a likely economic slowdown in most of the countries where the bank operates, and the maintenance of difficult refinancing conditions for wholesale funded banks. We view positively, however, the comprehensive set of measures announced by
