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Scope updates its issuer report on FCA Bank
FCAB has entered a period of significant change as its shareholders, Crédit Agricole and Stellantis, have announced the termination of their long-standing joint venture and the purchase by Crédit Agricole of Stellantis’ stake. Following the completion of the transaction, FCAB will be a wholly owned subsidiary of Crédit Agricole Group. As a result, the issuer’s perimeter is set to shrink significantly, at least initially.
The ‘A’ issuer rating reflects FCA Bank SpA (FCAB)’s solid standing as one of Europe’s largest car finance providers. It operates in 17 European countries and Morocco, where it primarily serves the former FCA brands (now part of the Stellantis group).
The Positive Outlook reflects our view that FCAB’s profile will be more closely aligned with that of Crédit Agricole once the announced transaction is completed.
This monitoring note does not constitute a rating action, nor does it indicate the likelihood of a credit rating action in the short term. The latest information on the credit ratings in this monitoring note along with the associated rating history can be found on www.scoperatings.com.
