The rating reflects the bank’s solid capital position, conservative risk profile and highly resilient bancassurance business model in France and Italy. Profitability is relatively modest compared to peers but supported by a strong credit risk profile.

Following CA Auto Bank’s request for a withdrawal of Scope’s public ratings on the bank, the rating agency has converted all ratings into unsolicited subscription ratings.

The rating upgrade and revision of the Outlook to Stable from Positive take into account the closer integration within Crédit Agricole Group and hence the higher likelihood of group support.

No action has been taken following the monitoring review.

Following the recent revision of the outlook to Positive, Scope has updated its analytical report on FCA Bank.

The change in Outlook reflects the prospect of tighter integration into the Crédit Agricole group.

Following the affirmation of the issuer rating at A with stable outlook on 16 June 2021, the rating agency has updated its issuer report on FCA Bank.

The resilient financial performance in 2020 validates the business model's consistency and ability to generate strong results, even in adverse economic conditions.

The ratings are driven by FCA Bank's well tested business model and solid financial fundamentals; the outlook is stable.