Fitch rates RCS BBB

Fitch Ratings said it assigned a long-term foreign-currency issuer default rating of BBB to RCS Group.

The outlook is stable.

The rating considers the high probability of support available from ultimate parent, BNP Paribas and BNP Paribas Personal Finance, if required, Fitch said.

RCS’s ratings are notched from BNP Paribas’ issuer default rating of A+ to reflect the 100% ownership by BNP Paribas, which is balanced by the small size of RCS Group in terms of assets and earnings compared with BNP Paribas, the agency said.

The ratings also consider the undrawn funding and liquidity facilities in place with the parent company, Fitch said.

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