The ratings on French car-financing company RCI Banque reflect Standard&Poor's Ratings Services' view of the bank's sound stand-alone credit profile (SACP), including conservative liquidity management, strong capitalization, and satisfactory profitability. We also factor in RCI's limited financial exposure to its parent, French carmaker Renault S.A. (BB+/Stable/B), and its status as a fully regulated bank. Constraining rating factors include RCI's wholesale-funded profile, its strong business concentration on car-financing activities, and its reliance on the branding of the Renault-Nissan alliance. Renault wholly owns RCI, which acts, in our view, as a captive finance arm for the Renault-Nissan alliance. The bank is an integral part of Renault's worldwide strategy, promoting customer loyalty and supporting car sales by essentially offering auto loans
